Insignia board director to depart
Insignia Financial has announced independent non-executive director John Selak will be stepping down next year after almost a decade.
At the firm’s annual general meeting on 21 November, the firm detailed the movements of its board amid a renewed leadership program this year.
This has included the appointment of Scott Hartley as chief executive and Jodie Hampshire and Gai McGrath as independent non-executive director.
Speaking to shareholders, chair Allan Griffiths said existing board member Selak, who joined the board in 2016, will step down next year. He is also the chair of the group people and remuneration committee.
Prior to joining the board of Insignia, he spent 16 years as a partner at EY.
Griffiths said: “John has signalled his intention to step down from the board at next year’s AGM as he reaches his nine-year anniversary. It is important to renew and refresh the board but the board is also cognisant of the need to ensure there is a smooth transition and that knowledge of our business and critical skills and expertise are retained.
“The re-generation of the board must be balanced with the organisational need for stability, particularly at a time where there is such leadership renewal at both the board and executive level.”
Elizabeth Flynn, who has sat on the board since 2015, also stepped down at the conclusion of the AGM, having previously flagged her departure last year. She was replaced on the board by McGrath who joined in March 2024, having previously worked as chair of BT Funds Management.
Finally, trustees chair Lindsay Smartt will step down after five years at Insignia and be replaced by former ASIC commissioner Danielle Press who joins Insignia next week as non-executive director and chair of Insignia’s trustee boards.
“Lindsay has played a significant role in how we, at Insignia Financial, look after our superannuation members and their best interests.”
Beyond the board, Insignia has also made numerous changes at an executive level with the appointment of Dave Woodall from Australian Retirement Trust as chief executive for superannuation, Wylie Fowler as general manager for brand strategy, Liz McCarthy as chief executive of MLC Expand, and Jason Sommer as chief operating officer responsible for strategy and enterprise services.
Commenting on the changes, Griffiths said: "This new model and executive team, which comprises a mixture of new external appointments and existing executives, will enhance end-to-end accountability and improve risk management and governance, with the intention of delivering better outcomes for clients and shareholders."
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