Sarah Ball Teslik has resigned as CEO of the Certified Financial Planner Board of Standards to assume a policy position in the private sector, the board announced today.
In a separate announcement, the Houston-based Apache Corp. oil and gas company announced Teslik would join the company as a senior vice president of policy and governance.
Her resignation as CFP Board CEO will be effective October 31.
Teslik's departure will mark the end of a leadership reign that has been punctuated by controversy since she was appointed to the post two years ago. In recent months, her administration has caused a firestorm of debate with the release of proposed revisions of the code of ethics and practice standards for the organization's CFP mark certificants.
Under the new rules, CFP certificants would be allowed to opt out of having to serve as fiduciaries for their clients-a provision that has been harshly criticized by advisors, including the Financial Planning Association and its members, who say a fiduciary standard should be a uniform requirement of all CFP certified advisors.
She also raised eyebrows earlier this year when she told a Senate committee that the nation's savings rate crisis could be addressed through the use of medication.
In a written statement released by the CFP Board, Teslik said: "It was an exciting period of time to be at CFP Board and I enjoyed the opportunity to shape the future. I want to thank the Board of Governors, the many volunteers, staff and all the stakeholders who supported me in my efforts. I achieved many of the goals I set out when I accepted the position, and I am confident that CFP Board is strong and well positioned to continue to fulfill its mission."
Not all of her critics would agree. When advised of the resignation, Harold Evensky, former chair of the CFP Board, said, "I'm much more optimistic about the future now. I look forward to a CFP Board that is sensitive to its past as well as to its future."
The CFP Board plans to name an interim CEO at its regularly scheduled October 24 meeting while the board begins the process of looking for a permanent replacement for Teslik.