Stockford appoints new chairman
Troubled accounting and financial planning consolidatorStockfordyesterday appointed Chris Riordan as its new chairman.
The appointment follows the announcement two weeks ago that former chairman, Brian Clayton, would not continue in the position after Stockford reported an after tax loss of $123.8 million for the full year to 30 June, 2002.
Riordan, who is described by Stockford as a “corporate turn-around specialist”, was the chairman of fruit processing group SPC between 1995 and 2002.
Riordan says the challenges confronting Stockford, which announced a $104.5 million write down in the value of its goodwill earlier this month, are significant.
"There is no doubt that since its ASX listing, Stockford's performance has been totally unacceptable," Riordan says.
Riordan will be Stockford’s third chairman in a year, with Clayton only taking up the role last October following the retirement of the then chairman, Peter Hall.
Recommended for you
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
Zenith Investment Partners has launched a range of new managed account portfolios over the past quarter, including on Insignia Financial’s Expand platform.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.