The REIQ board released a statement yesterday announcing that Antonia Mercorella had been installed as the organisation's acting CEO following the exit of Mr Kardash, who had held the position since January 2012.
REIQ chairman Rob Honeycombe said Ms Mercorella would fill the vacancy for the “foreseeable future”, while the board considered its options for a permanent CEO.
Although the statement does not include details of the reasons behind Mr Kardash's sudden departure, an email obtained by Real Estate Business sent out solely to REIQ members outlines the factors behind his leaving.
Mr Honeycombe's member announcement, which also revealed that COO Steve Lines had left the organisation, stated that the changes had been “prompted by a number of factors and events relating to the operation of the Institute and the management of its personnel".
The announcement added that the REIQ board is anticipating a significant financial loss for the 2013/2014 year, stating that, "While economic factors mean this is not entirely the responsibility of senior management, it would be remiss of the board to fail to act in the face of such a disappointing result. This is the reason we have moved to appoint an acting CEO for the organisation."
"We will no doubt confront a range of challenges in coming months, but the board will work closely with Antonia to ensure we continue to be a strong voice for you and for the entire industry. We firmly believe these changes are in the best interests of the Institute, its members and its staff,” Mr Honeycombe said.
When contacted by Real Estate Business, an REIQ spokesperson said the Institute would not be commenting any further on the matter, while Mr Kardash said the board had indicated it wanted a change in direction and that he was now pursuing other opportunities.