The Financial Reporting Council’s chair, Simon Dingemans, has stepped down barely nine months into the job.
Former GlaxoSmithKline finance chief Dingemans was appointed last July to oversee its transformation into the Audit, Reporting and Governance Authority (ARGA).
As chair of the FRC is a part-time position, it was agreed as part of his appointment process that he could take on additional roles provided they did not conflict with his responsibilities at the watchdog. This has not proved possible and so 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.