Roger McIntosh has resigned as head of investments at LUCRF after one year in the role, weeks ahead of the appointment of two new independent trustees.

McIntosh took a pay-cut to join LUCRF when he moved from Vanguard Investments where he had been for 14 years, most recently as head of investment strategy and research. LUCRF accounts show his salary was $236,726, with no bonus arrangement.

Charles Donnelly, chief executive of LUCRF, confirmed McIntosh had left and that a recruitment process for a replacement would begin as soon as possible in the new year.

He said: “We wish Roger well for the future.”

The loss of McIntosh follows weeks before the fund was to be joined by two new independent trustee directors.

Judith Smith, who was formerly head of private equity at IFM Investors – a role she held for 15 years – and still serves as a member of the investment committee at IFM Investors, will join the board with the view to being elected as head of the investment committee.

Ann Byrne, the former chief executive of both the Australian Council of Superannuation Investors and of Unisuper, is the other new trustee director.

Smith and Byrne will replace Tony O’Grady and David O’Sullivan both of whom had served as independent trustees for LUCRF since 2006.

Their appointments will bring the number of women on the board up to five.