Gerald Russell has been named as the new Vice President of the ICAEW.

The Ernst & Young stalwart beat off competition from Ian Hayes, managing director at Vataxworld London and Paul Wagstaff, client partner at HLB Vantis Audit to win the post.

After the announcement, made at the monthly meeting of the Institute’s council, Russell said: 'Our profession faces significant threats as well as opportunities over the next three years and beyond. In the short term we need to ensure our reputation is not damaged by any fall out from the credit crunch and economic slow down which follows.'

Russell, a senior partner at E&Y with special responsibility for independent assessment of client services, is also vice chair of the CBI’s Audit Committee Chair Forum and chairman of the Institute's Audit Quality Forum.

The ICAEW said that Russell will take up office on 4 June and the wheels have now been set in motion for him to take the top job at the Institute. He will become deputy president after a year as VP, before eventually becoming president in 2010.

Russell added: 'I’m delighted that I will be able to use my experience for the benefit of my own professional body. Being a chartered accountant is undoubtedly recognised around the world as the premier qualification. The Institute has an ambitious strategy and I’m looking forward to playing my part in helping achieve its goals over the next three years.'

Further reading:

ICAEW set to announce next vice-president