New boss at ING
ING Australiahas announced the departure of its chief executive officer John Wylie in the same week that ANZ Bank revealed its 49 per cent stake in the joint ING Group/ANZ initiative had suffered a 72 per cent fall in profits for the year ending March 31.
Wylie will be succeeded by Paul Bedbrook, who returns to Australia after heading ING Direct Canada’s operations for the past three years, with Wylie relocating to Hong Kong to take on a general management role within ING’s Asia Pacific offices and having responsibility for Korea, Japan and Thailand. The changes are effective as of July 1.
An ING Australia spokesperson says markets have been tough for all fund managers over the past year, but denies that the departure of Wylie is in anyway performance related.
“We are part of a global group and moving people around is what global groups do,” the spokesperson says.
Bedbrook, who joined ING (then Mercantile Mutual) in 1983, managed the group’s funds management product and marketing operations prior to his Canada posting in 2000.
AUTHOR
Craig Phillips
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