Anne-Marie Corboy is to leave HESTA at the end of February 2015 after serving 16 years as chief executive of the $29 billion fund.

Corboy, who also sits on the boards of the Utilities Trust of Australia and Netball Australia, is now seeking to develop a portfolio of non-executive directorships, but is not ruling out another executive position according to an announcement from the fund on Friday afternoon.

The HESTA board has now begun a recruitment process to find a new chief executive.

Angela Emslie, chair of HESTA, praised Corboy’s leadership: “Anne-Marie has created an organisation of very high standing with its members, employers, staff, service providers and other stakeholders. She has led a first class culture dedicated to providing outstanding member benefits which are relevant to the needs of people in the health and community services sector, the vast majority of them women, and leaves the fund in a very strong position for the next stage of its development.”

In Corboy’s time at the fund, HESTA has grown from $1.4 billion in assets to $29 billion and from 350,000 members to over 785,000 members. The organisation’s staff has also grown from 15 to 118.

She has also been recognised outside the fund receiving the FEAL Executive of the Year Award in 2008, listed as one of Australia’s True Leaders by the AFR Boss Magazine in 2011 and recognised as one of Australia’s 100 Women of Influence by AFR/Westpac in 2013.

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