This latest development follows an independent report that criticised the university’s leadership and financial mismanagement, which led to a £35 million deficit and put hundreds of jobs at risk.

Professor Nigel Seaton, the university’s interim principal, confirmed Mr Reilly’s departure in a communication to staff, stating that the university is now seeking its fourth head of finance in under a year.

Prof Seaton said: “I am writing to let you know that Chris Reilly, our interim chief finance officer, has left the university by mutual agreement.

“We are moving quickly to appoint a new interim director of finance who will take us through the next steps of the university recovery plan for submission to the Scottish Funding Council.

“We will share further information about this process with you as soon as is possible.”

The upheaval comes shortly after a scathing report by Professor Pamela Gillies, former principal of Glasgow Caledonian University, attributed the university’s financial meltdown to an “overbearing principal”, a lack of transparency, and poor financial controls. The Scottish Government has since pledged up to £62m to support the struggling institution.

Last week, the university’s former principal, Professor Iain Gillespie, admitted to “incompetence” regarding the financial collapse during a strenuous three-hour session with Members of the Scottish Parliament (MSPs). Professor Gillespie, who resigned from his £300,000-a-year post via email last December, revealed he was unaware of a breach of a banking covenant in 2023 until reading the recent report, The Times reports.

During the hearing, Professor Gillespie denied allegations of profligacy, despite accumulating £131,000 in travel and accommodation expenses. He stated that his travel arrangements, including business-class flights and hotel stays, were booked by the university, often at corporate discounted rates. When pressed to choose between being described as “corrupt or incompetent,” he conceded to the latter.

The series of events has drawn sharp criticism from the University and College Union (UCU). Melissa D’Ascenzio, co-president of Dundee’s UCU, expressed that staff were “shocked and appalled to watch the levels of incompetence that has unfolded”. She highlighted the distress and turmoil faced by staff and students over the past eight months, who are still confronting potential job and education cuts while senior managers have departed with substantial payouts.