The Rockhampton-born Frawley said the time was right to step down from the organisation which has almost $89 billion under management and is about to mark its 30th year of operation. 

“We have all achieved a great deal and I leave an executive team well equipped to continue leading the business successfully into the future,’’ Frawley said.  

“Together with our board and investment teams, we have shaped a strategic direction for QIC that I firmly believe sets us on a continued successful path – with our core objective of being client-led in all that we do.

“I’m also incredibly proud of the work we’ve done with our shareholder and largest client, the Queensland Government, to create the Queensland Future Fund.

“This initiative, including the transfer of the $7.8 billion Queensland Titles Registry, will build wealth for future generations and demonstrates the value of an institution like QIC to the state.’’

Another notable success during Frawley’s leadership was Queensland Motorways which was sold for $7 billion in 2014 after being transferred into QIC by the State Government three years earlier with a value of $3 billion.

QIC also holds the State Government’s stake in Virgin which was negotiated as a way to keep the troubled airline’s head office in Brisbane.

Damien Frawley in his days as a Wallaby.

Frawley was well-known in Queensland even before he took the role at QIC because of his years as rugby union international. He played 10 tests for the Wallabies between 1986 and 1988.

He was also chief executive at BlackRock for two years.

Global executive search firm, Egon Zehnder, has been appointed to undertake a global search for QIC’s next CEO.

Frawley will continue with QIC until a replacement is found.