Finsia boss Brian Salter leaves over the controversial Kaplan sale.
The Financial Services Institute of Australasia's (Finsia) chief executive Brian Salter has resigned over the sell-off of its education business.
The Institute of Chartered Accountants' former chief Stephen Harrison has been hired to run the institute until a permanent head is found by the end of the year.
"This is absolutely by mutual agreement and it is at [Salter's] behest," Finsia president Michael Shepherd said.
The Washington Post-owned educator Kaplan Inc is in the process of buying the business in a deal worth $36 million.
Salter has held the top job at Finsia for two years after the institute was formed out of the merger of the old Securities Institute of Australia and the Australasian Institute of Banking and Finance.
"He was recruited when 80 per cent of the business was education," Shepherd said.
"Obviously the circumstances have changed."
Salter was understood to have opposed the sale but his views were overridden by the board.
"It's pretty publicly well known that he didn't agree with the sale," Shepherd said.
"He is passionate about education [but] it is a very different organisation. It's no surprise he feels he wouldn't have an interest in leading [it]."
Salter will stay in the job until around the end of July to oversee the final stages of the sale.
Shepherd said he believes after that Salter will take up a new position with Kaplan.
"In all probability he will be going to Kaplan; I believe that is the case," he said.
Shepherd said he would remain as president for about another 12 months.
Last month a vote by Finsia members saw 60 per cent endorse the sale.
A vocal group of industry practitioners had opposed the move saying the sale price was too low and the education business was Finsia's best asset.
The sale gives the board around $45 million in cash reserves to refashion Finsia into a membership-focused, policy and research-based organisation.
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