By a staff reporter, with AAP
Former Victorian Premier Steve Bracks is set to resign from his position as chairman of superannuation fund Cbus, to take up a role with the Gillard government.
Mr Bracks has been appointed as Australia's new consul-general to New York.
Foreign Minister Bob Carr has announced Mr Bracks will take up the plum posting, replacing respected businessman Phillip Scanlan, in September.
Announcing the move, Senator Carr – himself a former Labor state premier – emphasised Mr Bracks' business credentials.
"The consulate-general actively promotes Australia's interests in influential business, media, political, educational and cultural circles," he said.
It liaised closely with New York's financial sector representatives to promote Australia's financial services sector and worked to deepen two-way investment and commercial links, including through the Australia-United States Free Trade Agreement, he said.
Mr Bracks was elected to the Victorian parliament in 1994 and served as premier from 1999 until 2007.
He now holds several honorary positions, including adviser to the Prime Minister of East Timor Xanana Gusmao and director of the Bionics Institute of Australia Board.
He is also honorary chair for the Centre for Dialogue at La Trobe University, the John Button Foundation and The Union Education Foundation.
He is chairman of the Industry Superannuation Network, a director of Jardine Lloyd Thompson Australia, a non-executive director of the Bank of Sydney and a member of the National Australia Bank's Philanthropic Board.
Last year, Senator Carr appointed former South Australian premier Mike Rann as the nation's high commissioner to London.
Cbus chief executive David Atkin said Mr Bracks joined the Board as Chair in early 2009 when the Global Financial Crisis dominated economic and financial conversation.
“Under Steve’s leadership the fund has come though this period of uncertainty with a successful and sustained emphasis on creating long term value for members,” Mr Atkin said.