Peter Costello is calling it quits as chair of Australia's sovereign wealth fund after 14 years on the board.
Mr Costello has advised the federal government he will not seek a third term at the Future Fund, and the search for a replacement will begin immediately.
Treasurer Jim Chalmers and Finance Minister Katy Gallagher thanked Mr Costello, saying he was leaving with the Labor government's "appreciation and respect".
"The government will also carefully consider any future board vacancies as an opportunity to refresh and renew the Future Fund’s leadership," they said in a joint statement on Monday.
The government has been looking to reshape and modernise several of Australia's economic institutions, including the Reserve Bank of Australia and the Productivity Commission.
Mr Costello was instrumental in setting up the Future Fund in 2006 when he was federal treasurer in the Howard government.
The fund was created to strengthen the nation's long-term financial position and cover public sector superannuation liabilities.
Its portfolio has grown steadily since its inception and is now worth more than $200 billion.
It has delivered an average annual return of 8.8 per cent per annum over the past decade.
