26 September 2023
It is with regret that the Institute and Faculty of Actuaries (IFoA) announces that its Chief Executive, Stephen Mann, has taken the decision to resign with immediate effect, after nearly four years in the role.
We would like to pay tribute to Stephen for his very substantial commitment and contribution in successfully leading a broad modernisation agenda across the IFoA during his tenure as CEO, including navigating it through the impact of Covid-19 at the very outset. He stabilised our financial position, drove forward our digital offering and was a passionate advocate for governance changes and our Diversity Equity and Inclusion strategy, all to make sure the IFoA could prosper in the years ahead.
Stephen’s decision follows an independent investigation last year into a grievance raised by him, upheld in its entirety. The findings of the independent investigation were accepted in full by the IFoA and an apology issued to Stephen, in addition to a commitment to a review of the IFoA governance.
The circumstances surrounding Stephen’s decision to leave his role have been compounded by recently publicised events surrounding this year’s Council elections and the press coverage that followed.
The governance review has been undertaken and, in June 2023, the IFoA agreed significant changes to its governance framework. These changes are still going through a process of consideration within the IFoA. Our primary aim remains however the enhancement and modernisation of our governance structure to ensure it aligns with our organisational needs.
Stephen has been a strong advocate of these changes and we remain committed to strengthening and modernising the organisation. Our objective is to ensure that the IFoA is structurally and culturally fit for a successful future. Stephen felt that this was the right time to go for him personally, recognising the progress made but also the challenges which still lie ahead.
While we regret Stephen’s departure, we respect his decision, recognising the challenges faced during this period. We go forward stronger for his leadership and contribution, want to thank him for all that he has achieved for the organisation and to wish him a happy and successful future. The IFoA remains dedicated to building on the progress made under his leadership and to the continuous enhancement of our professional organisation.
We will begin the process of finding a new CEO, but in the meantime the work of the IFoA in serving its members must continue uninterrupted. Therefore the Management Board has appointed Ben Kemp, our General Counsel, as Interim CEO. Ben has extensive knowledge of the organisation and our membership and is supported by a strong Executive Leadership Team.
Thank you for your continued support of the IFoA.
Kalpana Shah
President