Executive head Sir Greg Martin retires from Durand Academy

Sir Greg Martin was knighted for services to education in 2013

The executive head teacher of a south London academy that is being investigated by the Charity Commission is to retire.

The Durand Academy in Stockwell said Sir Greg Martin, 63, would be retiring in September after 29 years.

The trust running the academy received £17m from the government to set up a state boarding school in West Sussex, which opened last year.

The Charity Commission announced its investigation in February.

The Durand Academy has an early years centre, and a junior school and middle school in Stockwell.

It also has a weekly boarding upper school at the former St Cuthman's school site in Midhurst.

The Charity Commission is looking at the relationship between the academy and the Durand Academy Trust, a separate body that runs and governs it.

The investigation began after a hearing of Parliament's Public Accounts Committee which said there was an "unacceptable lack of clarity" over who owned assets held by the trust.

Committee chair Margaret Hodge said it was "dismayed" that despite already earning more than £200,000 as the head of a primary school and being one of the highest-paid head teachers in the country, Sir Greg had received more than £160,000 a year in management fees from a charitable trust.

Durand Academy took over the former St Cuthman's site in Midhurst, West Sussex

Sir Greg was knighted for services to education in 2013.

The Durand Academy said his retirement was planned and had been discussed with the governing body over a number of months.

It said he was hugely respected and had transformed the school, which previously had children leaving at 11 unable to properly read and write.

He will be replaced by the current head Mark McLaughlin but will continue to be a governor of the school.

Mr McLaughlin said in a statement: "Sir Greg has made a huge impact on the educational opportunities offered by Durand and I look forward to continuing to drive this forward in the future."