Peter Michaelis will not apply for another term as head of Federal Industry-Holding Stock Corporation (ÖIAG), it has emerged.A spokeswoman for ÖIAG announced today (Fri) that the businessman, whose contract ends next June, did not have any plans to suggest an extension of his contract. She refused to reveal any names for potential successors, but pointed out that ÖIAG will start searching for a new chief next month.Both the ÖIAG heads and the authoritys reputation has suffered dramatically over the years. A majority of 61 per cent of Austrians want a dissolution of the corporation, according to a poll from October.Social Democratic (SPÖ) Chancellor Werner Faymann already suggested dissolving ÖIAG last year, but failed to launch any motion in parliament in this regard ever since. Peoples Party (ÖVP) Vice Chancellor Josef Pröll reacted to Faymanns announcement by revealing plans to strengthen ÖIAGs role and increase its responsibilities.Michaelis, who earns 750,000 Euros a year, came under fire in September when newspaper Heute claimed he charged ÖIAG with paying more than 800 Euros for express deliveries of CDs, DVDs, a spyglass and other private belongings. A spokeswoman vehemently dismissed the report.ÖIAG currently manages the Republic of Austrias interest in oil and gas company OMV, postal service firm Post AG and market-leading telecommunications firm Telekom Austria (TA).The holding, which has 22 employees, also managed the purchase of a major stake of Austrian Airlines (AUA) to German aviation giant Lufthansa in 2009. Michaelis has headed ÖIAG since 2001.