Challenger reshuffles as Adams departs

Challenger has announced several internal promotions and role changes following the departure of co-head of funds management Rob Adams.

Joint chief executive of funds management Rob Woods will now assume sole responsibility for the role, which he had shared with Woods since late 2008 when the group consolidated its funds management businesses.

In other changes, which the group stated are aimed at supporting the growth of the business and further streamlining its operations, current head of risk and treasury Richard Willis has been promoted to the new direct reporting role of chief risk officer, to be responsible for overall risk management governance and reporting within Challenger.

The current head of strategy and merger and acquisitions, Blair Beaton, will retain his current title and will report directly to chief executive Dominic Stevens. This promotion “reflects the ongoing importance of corporate strategy as Challenger continues to expand its retirement income franchise”, Challenger said in a statement to the Australian Securities Exchange.

The current executive general manager of capital risk and strategy, Paul Rogan, will fill the newly created role of chief executive, distribution, product and marketing to align all activities focused on increasing sales in Challenger’s life and funds management businesses.

“These changes, along with the recent recruitment of Jeremy Cooper as chair of Challenger Retirement Incomes, puts us in a strong position and clearly signals our intentions to grow aggressively in the retirement incomes market,” Stevens said.