The head of the CFA Institute abruptly stepped down last week amid allegations that he was conducting an affair with a colleague.
John D. Rogers was president and chief executive until June 3, when he abruptly departed after the CFA board had investigated a matter that he brought to its attention in late March.
J.D. McCartney, director of public relations at the CFA Institute, would not confirm that the situation involved a relationship between Mr. Rogers and a co-worker. The Wall St. Journal, which first reported the story on Wednesday, said that the board looked into an affair between Mr. Rogers and a senior staff member.
“This matter is very private for John,” Mr. McCartney said in an interview. “As an organization, we respect individual privacy.”
Mr. Rogers was already headed for the CFA door before last week. The organization announced in March that he would resign in August. In late March, Mr. Rogers approached Charles Yang, CFA board chairman, about “the matter,” Mr. McCartney said.
At that point, the board initiated a “rigorous review,” Mr. McCartney said. It resulted in Mr. Rogers' departure last week.
“The board took the proper steps to make sure we can move forward in the most effective way,” Mr. McCartney said.
Mr. Rogers' situation could have posed conflicts that could potentially tarnish the institute's reputation.
“The way the board responded shows our commitment to ethics and integrity,” Mr. McCartney said.
In early April, Mr. Rogers met with reporters in the InvestmentNews Washington bureau during a visit to the capital. He did not indicate where his career might turn next, saying that he was looking for a new challenge.
Dwight D. Churchill, a former CFA board chair, replaced Mr. Rogers, becoming the interim CFA president and chief executive.
The CFA Institute confers the Chartered Financial Analyst designation, among other marks for financial advisers. The CFA is considered one of the most distinguished credentials in the investment-advice business.