In an announcement released yesterday, ACSI said Mr Hagart will remain in the position until April 2015 while the organisation searches for a successor.
Mr Hagart said while he was “extremely wistful” in his decision it was the “right one” for his family.
“This has been a very difficult decision to take. I've loved every minute of my time in Australia at two great organisations – ACSI and before that the Future Fund – doing work that I believe is very important for the beneficiaries of long-term institutional investors,” Mr Hagart said.
ACSI president Gerard Noonan said Mr Hagart’s decision to step down was both “unexpected” and “regrettable”.
”Gordon has been a strong voice on ACSI's behalf during his tenure,” Mr Noonan said.
“We will miss his professionalism, his intellectual rigour, his organisational skills and his excellent public profile,” he said.