The high-profile CEO of CPA Australia, Alex Malley, has been sacked, and given a payout of $4.9 million after weeks of controversy.
Seven members of the 12-member board had resigned after concerns were raised about the running of the professional board and secrecy around Mr Malley's $1.7 million salary.
CPA president and chairman Jim Dickson said the decision to terminate Mr Malley's contract was made on Friday "to allow CPA Australia, CPA Australia staff and Alex to move forward."
"On behalf of the board, I wish to thank Alex for the significant contribution he has made over the past seven and a half years," Mr Dickson said in a statement.
"He has guided CPA Australia through a period of sustained growth. He brought an ambitious vision for our profession and was dedicated to supporting students and young leaders."
Chief operating officer Mr Adam Awty will act as interim CEO while the board conducts "a thorough executive search process" for a new chief executive.
The board will also be seeking further expressions of interest for the board vacancies, which will be replenished by 1 October, with a minimum of eight new directors.
