Former junior minister Michael D'arcy is resigning from the Seanad to take up a job with a lobby group for the investment industry.
The Fine Gael politician is to take up a job as the CEO of the Irish Association of Investment Managers (IAIM).
Mr D'arcy was previously the minister of state for financial services and insurance, before losing his seat as a TD in February's election.
In April he was elected to the Seanad on the Agriculture Panel.
According to the IAIM website, it represents the members and the investment management industry in Ireland "to relevant corporate, political, regulatory, media and other stakeholders".
The organisation has said they're fully aware of Standards in Public Office (SIPO) guidelines, and that Mr D'arcy will not be engaging in lobbying activities in line with the 'cooling off' period for the first twelve months of leaving office.
However, the appointment has already received criticism from opposition parties, including Sinn Féin's Pearse Doherty.
The law doesn’t just ban the former minister from lobbying for a year. The Law bans him from being employed by a body that engages in lobbying. Law is Clear. https://t.co/FaHv6SUiI9 pic.twitter.com/6VW8vwypO6
— Pearse Doherty (@PearseDoherty) September 28, 2020
'Step back from politics'
In a statement, Mr D'arcy said he had decided to 'take a step back from politics and public life'.
He said: “I have had the privilege of representing the people of Wexford since 2003 and I sincerely thank them for giving me the opportunity to work with and for them.
"I have made my fullest contribution to public life and now wish to start a new career which I can confirm will be with the Irish Association of Investment Managers."
Tánaiste Leo Varadkar said he wished Mr D'arcy "the very best" in his new job and career.
He said: "I am sorry to lose him from the Fine Gael parliamentary party but can understand why he has made his decision. I will always be grateful to him for his service to Wexford and to Fine Gael as a councillor, senator, TD and minister and the pivotal role he played in helping me to become leader of my party.
“I would have loved to have seen Michael return to the Dáil as a TD and a Minister after the next election but understand that after 20 years in public life he wants to start a new chapter of his life. He will always be welcome should he decide to run for election again."
A by-election will now take place to fill the Seanad vacancy.