Packer hands over Challenger reigns
By Rebecca Evans
ChallengerFinancial ServicesGroup chairman James Packer will step down due to other commercial obligations, paving the way for former Commonwealth Bank executive Peter Polson to take over the chairmanship.
Packer has endorsed the new chairman of the board, and says the board, management and shareholders of Challenger can look forward to Polson’s “tremendous leadership and understanding of the Australian financial services industry”.
Packer says he will continue to serve on the board as a non-executive director and remains committed to Challenger through the shareholding of CPH.
Polson has held the posting of independent director on the Challenger board since November last year, prior to this he was employed with the Commonwealth Bank as group executive, investment and insurance services until his retirement in 2002.
Before joining the Colonial group in 1994, prior to its acquisition by the Commonwealth Bank, Polson was managing director of National Mutual Funds Management.
Polson is not the only ex-Colonial man to come on board at Challenger. Former chief executive at Colonial First State Chris Cuffe has held the top job at Challenger since its merger with CPH Investment Corporation last year.
Since Cuffe has been at the helm, Challenger has snared a number of his former colleagues, including former head of Colonial First States’ UK operation Rob Adams.
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