Colonial First State executive general manager Linda Elkins has resigned to replace Paul Howes at KPMG.
Elkins has been appointed KPMG's national sector leader - asset and wealth management. She will join the firm effective August 5, taking over the leadership of the asset and wealth management practice from Howes on October 1.
On July 1, Howes became national managing partner of KPMG Enterprise but will work with Elkins to transition responsibilities.
"We are thrilled to appoint someone of Linda's calibre and experience and look forward to her making a significant contribution to our clients. The superannuation sector is going through a period of great change and Linda is ideally placed to steer our practice through this, and further strengthen our client offerings," Howes said in a statement.
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Elkins said that now is the most important time for the superannuation and broader financial services industry to embrace transformation and focus on delivering outcomes to members and investors.
"I am excited to have the opportunity to work for clients with the strength and backing of KPMG to help them navigate these challenges and opportunities," she said.
CFS initially confirmed Elkins' departure yesterday. Her replacement is yet to be announced.
In March, CFS appointed Peter Chun (then general manager distribution) and Kelly Power (then general manager product) as joint acting executive general managers.
"I have had the pleasure of working closely with Linda for the past six-and-a-half years. Linda inspires her colleagues with her passion, expertise, vast industry knowledge and wise judgement," Colonial First State Investments and Avanteos Investments chair Anne Ward said in a statement.
"Linda has shaped CFS to become one of Australia's leading superannuation businesses. On behalf of CFS employees, directors and all our members, I thank Linda for her enormous contribution."
Elkins joined CFS from Russell Investments where she was the managing director, superannuation. She is a director and former chair of the Association of Superannuation Funds of Australia (ASFA) and has served on numerous Financial Services Council committees.
She appeared on behalf of CFS during the Royal Commission hearings last August, where she was questioned about errors during the company's transition to MySuper products in 2014.
This story was updated at 10.30am to reflect new developments.