He is set to assume the role in Spring 2024, succeeding Michael Izza, the Institute’s head since 2006.

Mr Izza announced in March his intention to retire from ICAEW by the end of this year, but he has agreed to stay in post until Mr Vallance joins the Institute, to ensure a smooth transition.

Mr Vallance, an ICAEW chartered accountant, is currently chief executive of the Chartered Insurance Institute. His prior roles have included chief executive of the Royal Institute of British Architects and the group chief operating officer at the Law Society.

Mark Rhys, ICAEW president and chair of the recruitment panel, said: “I’m delighted to announce Alan’s appointment as ICAEW chief executive after an open and extensive recruitment process. It attracted a strong field of candidates and Alan was the outstanding choice to take up the role as chief executive.

“He has a track record of leading successful membership organisations and working alongside different stakeholders. We were impressed with his vision for the Institute and for the evolution of the profession, his focus on values and the role ICAEW can continue to play as it looks to its 150th anniversary in 2030.

“I would also like to take this opportunity to thank Michael for his leadership of the Institute and tremendous contribution to the wider profession. The changes he has led to ICAEW’s strategy and structure since he became chief executive in 2006 leave us well placed for future success. I am grateful for his commitment to the organisation and wish him well for the future.”

Peter Wyman, chair of the ICAEW Board, added: “I am greatly looking forward to working with Alan in the coming years as we address together the challenges and opportunities facing our Institute in a fast-changing world.”

“I would also like to pay my own tribute to Michael for the quite extraordinary contribution he has made to ICAEW and the accountancy profession during his long and distinguished tenure as Chief Executive.”

Mr Vallance said: “I am delighted to be joining ICAEW. As a chartered accountant it is a genuine honour to have been asked to lead the organisation of which I am a member and to succeed Michael Izza as chief executive.

“I thank Michael for his leadership and the amazing contribution he has made to the Institute, and I look forward to working with the ICAEW Council, Board and staff team as we build on the very solid foundations Michael has laid down over the last 17 years.

“The accountancy profession today plays a vitally important leadership role on the key issues facing society.

“I am determined to make sure that ICAEW leads from the front and that this role continues, indeed evolves in the future, with an unwavering focus on the public interest so that our members play their rightful part in building a world of sustainable economies.”

The FRC’s CEO, Richard Moriarty said: “Congratulations to Alan on his appointment as CEO of the ICAEW. I look forward to working closely with him on shared challenges and opportunities to support the important public interest work carried out by the accountancy profession.”

MR Izza, ICAEW chief executive, said: “It has been a huge privilege to lead ICAEW through the last 17 years of accelerating change in business, the economy and society, and to see the Institute grow and strengthen.

“Our touchstone has always been the public interest, and I passionately believe in the accountancy profession as a force for good in national life and the wider world.

“I am therefore delighted that Alan has been appointed as my successor and I know that the vision and the energy he brings to this role will ensure that ICAEW does not rest on its laurels.”