Doug McTaggart will step down as chief executive of institutional investment giant QIC at 30 June 2012 after 14 years in the role, QIC have announced.
The decision was made public following an announcement from QIC chairman Peter Young at the group’s 30 August board meeting last week
McTaggart said it would be “a good outcome” if a replacement was found early enough for there to be a lengthy transition period, and if that worked well he may step back even sooner than the set date.
McTaggart said he will continue with the group in an advisory role once he steps down from day-to-day management of the business, but exactly what role he would perform would be at the discretion of the board. His focus may include building and strengthening the relationships QIC has built up over the years, and maintaining some continuity with the business, he said.
QIC announced it has appointed international executive recruitment firm, Korn Ferry, to undertake an extensive global search in order to secure an appropriate replacement.
“Doug’s time as CEO has seen the significant expansion of our range of investment capabilities, both locally and globally, with a focus on delivering innovative investment solutions and strong investment performance,” Young said in a statement.
“We feel very sure that we have ample time to find and appoint a high calibre replacement and, with support from QIC’s experienced leadership team, that there will be a smooth transition,” he said.
