Perpetual boss moves on after eight years
PerpetualTrustees Australiamanaging director Graham Bradley is leaving the company after eight years in the position.
Bradley will continue as managing director until a new chief executive is appointed, with the group currently on the lookout for a replacement.
It is expected Bradley will remain in the job until September this year.
Bradley’s achievements have earned him leaving benefits worth nearly $5 million, with an $800,000 payout and 200,000 options with an average strike price of around $20.
During his tenure at the top, Bradley and his team increased the group’s funds under management from $2.4 billion in 1995 to the current $17 billion, with operating profit after tax increasing from $11 million when he joined to $58.7 million in the year to June 2002.
His departure, flagged in the company’s recent letter to shareholders, has been described as part of the group’s planning towards a new phase of growth and changes required over the next five years.
“In line with the company’s succession plan, the board believes the timing is right for the appointment of a new managing director and chief executive to provide continuity of leadership for Perpetual Trustees for the growth phase anticipated over the next five years.”
Bradley says he may consider the role of an independent company director sometime in the future.
AUTHOR
Lucie Beaman
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