Allco loses deputy MD
Struggling funds management and infrastructure group Allco Finance will lose its deputy managing director and executive director, Michael Stefanovski, from the end of September.
The company announced to the Australian Securities Exchange today that Stefanovski had resigned effective from September 30 and acknowledged that he had been central to the company’s global restructuring initiatives and asset sales program.
It said the timing of his resignation “reflects the significant progress made in implementing Allco’s restructuring plans to a refocused strategy built around its core capabilities”.
Allco managing director David Clarke said the company would continue to reshape its corporate governance regime with the planned appointment of additional independent directors following the significant restructuring and debt reduction progress and the recent agreement on a new bank facility.
AUTHOR
Mike Taylor
Recommended for you
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
