Financial Reporting Council chair Baroness Sarah Hogg has announced she will step down from the role when a successor is appointed.
Hogg has been chair of the FRC for three years. She was previously deputy chair for three year and has been a member of the FRC for almost nine years in total.
Her term as chair formally ended in April but she agreed to remain in the position to allow the search for her successor to be properly conducted and the changeover executed smoothly.
The search for a successor will be conducted by the Department for Business Innovation and Skills.
Hogg says: “I am immeasurably proud of what the FRC has achieved through what has been a hugely challenging period in its history. I want to thank the board, the management and the staff of the FRC for the support they have given me and for the excellent work they do.
“The FRC is in good shape to continue to protect and promote the strengths of the UK governance and reporting system, in order to maintain investor confidence in the UK capital markets.”
FRC chief executive Stephen Haddrill says: “It has been a privilege to work with Sarah Hogg whose motivated leadership has taken the FRC forward as a more efficient, streamlined organisation. Under her guidance, the FRC has become the world’s leading audit regulator and a global champion of excellence in corporate governance and financial reporting.”