The Financial Reporting Council (FRC) has revealed that Simon Dingemans is to step down from his position of chair at the end of the month.
The regulator said that as the chair of the FRC is a part-time position, it was agreed as part of his appointment process that Dingemans could take on additional roles “provided they did not conflict with his responsibilities at the FRC”.
However, It added this “has not proved possible” and as such Dingemans has informed the board and the secretary of state that he intends to step down from the FRC at the end of May.
He is expected to return to a more full-time role in the private sector. BEIS will now take forward the appointment of a new FRC chair.
Dingemans, the former CFO of GlaxoSmithKline (GSK), was named as the government’s preferred candidate to the post of chair of the FRC in July of last year.
During his time with GSK, he provided operational and financial leadership through a period of significant transformation including extensive restructuring and the strategic re-shaping of the group and its three global businesses: Pharmaceuticals, Vaccines and Consumer Healthcare, which together employ nearly 100,000 people.
He joined GSK in 2011 from Goldman Sachs International where he was a managing director and partner.
