Company chairman Barry Lambert said both Mr Smith and the board agreed that it was in Mr Smith’s best interests to concentrate on his main business ventures in Smithink 2020 and ASTA.

“Class has maintained its solid and sustainable growth and remains on track, market conditions permitting, for an IPO in 2015,” Mr Lambert said.

Mr Bungard told SMSF Adviser his immediate plan is to focus on the SMSF space which is an area Class needs to “continue to fill out”.

“We will continue to build on the product that we have and expand and grow it out to the market. In terms of how we do that, we are looking to various channels. That is obviously the primary focus,” he said.

“Secondary focus is around looking at what we can do [with] the investment reporting solution we have, because the heart of a superannuation system is investment portfolio management,” he added.

“We know that at the moment the product needs a few more features added to it, in order to compete out in the marketplace. We want to add those features in there, get the product out and broaden the revenue base leading up to the IPO.”

Mr Lambert said the board is confident Mr Bungard will lead Class Super to achieving its goal of administering 100,000 combined SMSFs and CIR funds with a total of $100 billion in assets within the next few years.