The ICAEW board will shortly proceed with a formal search for a successor to replace Izza who has led the accountancy professional institute for 17 years.

Izza has been head of the ICAEW since 2006 and has led the profession through a string of scandals associated with audit failures and misconduct, which saw heavy criticism of auditors and accountants, with the audit regulator, the Financial Reporting Council (FRC) handing over £60m in fines to firms for audit mistakes and poor work.

He trained as a chartered accountant with Coopers & Lybrand and qualified in 1986. After a few years at the firm, in 1989 he left practice for business and joined brewing giant John Labatt Ltd. He had various roles in the finance team and then became managing director of John Labatt Retail. He also worked at Spring Group, where he ran Spring Skills, the largest vocational training business in the UK, and had other finance and strategy roles.

During his time at the top of ICAEW, Izza has overseen significant expansion of its global membership. He has represented the profession to ministers, policymakers and regulators, and is a frequent media commentator on economic and business issues in the UK. In particular, he has been a leading advocate for the reform of audit and corporate governance.

Izza said: ‘I trained as a chartered accountant almost 40 years ago, and it has been an honour to be chief executive of ICAEW and to represent our profession across the world.

‘I’d like to thank my colleagues, past and present, our members and students, and all our many volunteers for their support to me and their commitment to ICAEW.  I am immensely proud of what we have achieved together, and I have no doubt that the Institute will continue to flourish after I leave.

‘As chief executive I have taken every opportunity to champion sustainability, and I believe that chartered accountants have a vital role in helping society and the economy achieve net zero. Our 2030 strategy positions ICAEW well for the future and I am confident that the best is yet to come.’

Julia Penny, ICAEW president and chair of the ICAEW board added: ‘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.’