Mr Hill has agreed to continue in his role to ensure stability and to assist in transferring executive responsibility once an appropriate chief executive has been installed, according to a statement.
REST said the board intends to engage an executive search firm to assist with a search for a successor and will be looking both internally and externally.
REST chairman Ken Marshman said Mr Hill has provided ample notice in order to ensure a seamless transition.
“Damian has led REST through several significant periods of industry change and transformation during his tenure as CEO,” Mr Marshman said.
“He leaves REST in a very strong position for the future, and we sincerely thank him for his contribution and leadership.”
Mr Hill said he is proud of what REST has accomplished on behalf of its members and staff, and has great momentum and is in a position of strength.
“After 19 years at REST, more than 11 of them as CEO, I am excited about the prospect of seeking a new management challenge,” he said.
“I believe now is an appropriate time for me to move to the next stage of my career.”
Mr Hill was appointed REST chief executive in 2006, having joined the fund in 1999 as administration manager.
