Westpac announces changes
Westpac group chairman Lindsay Maxsted has announced a number of executive and board changes in the wake of the AUSTRAC Statement of Claim.
Group CEO Brian Hartzer will be stepping down as CEO with the current CFO Peter King taking over as acting CEO, effective Monday 2 December.
Current COO Garry Thursby will act as CFO.
Maxsted also confirmed he will bring forward his retirement as chairman to the first half of 2020, and announced that long-standing director, Ewen Crouch has decided not to seek re-election at the upcoming AGM.
Vale David Smith
The industry was saddened to learn of the passing of David Smith on Friday 22 November.
He was a leading contributor to the superannuation industry through his roles as a Director of the Australian Institute of Superannuation Trustees and as a Director of superannuation fund HESTA.
“If David’s life can be summed up, it is in a single adage: ‘Do the right thing and everyone wins’”, said ASFA chair, Dr Michael Easson.
“David was a person who approached every challenge thinking through principle and impact. He thought about consequences, intended and unintended. He will be missed,” concluded Dr Easson.
ASFA extends its deepest condolences to David’s family, friends and colleagues.
Local Government Super appoints CEO
The Local Government Super (LGS) Board has announced the appointment of Phil Stockwell as chief executive officer, effective from 26 November 2019.
Commenting on the appointment LGS chair Kyle Loades said, “Phil’s strategy, leadership and operational experience in financial services organisations in times of change is a good fit for LGS and our members. The LGS board, in making this pivotal appointment, was focused on securing a candidate who could lead the fund in key areas. These include maintaining the track record of long-term strong member retirement outcomes and investment returns, remaining at the forefront of sustainable investing, and leading positive change to evolve member service and value.”
Stockwell takes over the role from Interim CEO Donna Heffernan.
“I would like to acknowledge Donna Heffernan for her contribution as Interim CEO this year. Donna will revert to her role as deputy CEO and company secretary,” concluded Mr Loades.
Stockwell said he was delighted to join LGS as CEO.
MTAA Super and Tasplan changes following merger
The announcements of MTAA Super and Tasplan’s finalised unconditional agreement to merge on 1 October 2020, signifies some new appointments and reconfigurations.
Completion of the merger coincides with the conclusion of John Brumby’s final term, after nine years as chair of MTAA Super. He said he was very proud of what MTAA Super had achieved during this time.
Naomi Edwards, who has been chair of Tasplan since 2011, will stay on as chair of the new combined board, having led Tasplan through several mergers which have seen the fund grow from $2.4 billion to just over $10 billion.
Edwards said, ” Under John’s chairmanship, MTAA Super has become a top quartile performer, year after year, as well as a highly regarded corporate player and contributor to the motor trades sector. John will leave a very strong legacy when he retires next year and it will be a privilege to follow in his footsteps.”
On completion of the merger, Leeanne Turner, current CEO of MTAA Super, will assume the CEO role of the new fund to ensure continuity of leadership.
Wayne Davy, current CEO of Tasplan Super, will continue in that role until merger completion date, working closely with Turner to ensure a smooth transition.
Turner and Davy said their focus will now be on making sure the transition is as smooth as possible for members and employers.
Mercer announces new chief risk and compliance officer
Mercer has announced the appointment of Ruby Yadav to the role of chief risk and compliance officer, Pacific. She will join the company’s Melbourne office in February 2020 as part of the Pacific leadership team.
With a career spanning more than 20 years, Yadav has held a range of risk and compliance roles in the consulting sector and financial services, including insurance, banking and superannuation. She joins Mercer from UniSuper where she has held senior risk and legal services roles since 2015, most recently as the fund’s chief risk officer.
Mercer Pacific’s CEO Ben Walsh said Yadav’s appointment was vital in strengthening the organisation’s continued commitment to best practice management of risk and compliance matters.
“Ruby has a strong track-record in risk management with a focus on accountability and efficiency. We are delighted that someone of Ruby’s calibre will be joining us to lead our strong risk and compliance team,” Walsh said.
