Heather Ostertag, president and CEO of FACTOR (the Foundation Assisting Canadian Talent On Recordings), announced her retirement at the Canadian music body's annual general meeting.

"I have been proud and privileged to have had the opportunity to be part of FACTOR for the past 33 years," she said. "The opportunities afforded to me have been incredible and for this, I will be ever grateful."

"During the 33 years of service to FACTOR that Heather has provided, she has been instrumental in the success of the Canadian music industry and Canadian artists," said Pegi Cecconi, FACTOR Chair. "She leaves FACTOR on a high note and with an incredible legacy that the Board will ensure continues for many years."

Ostertag has stepped down immediately but will be available as an advisor to the Toronto-based Canadian music funding body. Brian Hetherman, the current VP, industry affairs will assume the role of GM until a new president is appointed.