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Departing ICAEW CEO Michael Izza is reportedly set to receive a six-figure severance package upon his retirement, Sky News has reported.
While sources cited rumours that the payment could be twice his annual base salary of £492,000, ICAEW has refuted this, and a person close to the organisation told Sky that the accurate figure was closer to £250,000.
Another industry source suggested the package could also include benefits that were not part of the headline figure.
According to Sky, the move could raise questions amongst stakeholders due to a lack of transparency, as the payoff was not disclosed in a public statement about his departure, which was published in March.
In a statement, an ICAEW spokesperson said: “In March, Michael Izza announced his decision to retire from ICAEW by the end of this year. The terms of his departure are in compliance with his contract of employment.”
According to ICAEW, Izza has been a leading advocate for the reform of audit and corporate governance and continues to urge the UK government to “bring this legislation forward at the earliest opportunity”.
He was also described as a “huge champion of the vital role that chartered accountants can play in helping society and the economy achieve net zero”.
Upon the announcement of his departure, Julia Penny, ICAEW’s immediate past president and former chair of the ICAEW board, said: “Michael has successfully led the transformation of the organisation to the world leader that it is today. He will be greatly missed by us all and we are very grateful for his dedication to the organisation and his many achievements during the past 21 years. We wish him well for the future.”
