Sacha Romanovitch has announced plans to step down as Grant Thornton’s chief executive by the end of the year.

Romanovitch is the first UK female chief executive of a major City accountancy firm and has been at Grant Thornton for 28 years.

“As we enter the next phase of our plans, following discussions with Grant Thornton’s board, we have agreed that the time is right for a new chief executive to take the firm forward,” she said.

“I will be working to support a smooth transition to our next chief executive, focusing on continuing to deliver sustainable value for our clients through our diverse and talented team,” she added.

Romanovitch, who has been the group’s chief executive since 2015 and partner since 2001, will step down once a successor has been found later this year.

Ed Warner, independent chair of Grant Thornton UK’s partnership oversight board, said: “Following discussions with Sacha, the board has agreed that a new CEO is the logical next step to create long-term sustainable profits for the firm.”

Romanovitch introduced changes at the firm, which included capping her own salary at 20 times the firm’s average pay.

She also overhauled the partnership structure with a John Lewis-style profit-sharing scheme for all staff, instead of just partners.

In September, the chief executive was attacked for creating a “culture of fear” within the company.

An anonymous letter stated the firm was “out of control” as well as having “no focus on profitability.”

She responded to the letter: “A small cadre of partners will find it hard we are making decisions that will depress profits in the short-term but will help profits in the long-term … If profits get unhinged from purpose it might not hurt you now, but it will come back and bite you on the bum.”