Tony Fenning takes leave from SFG
SFG Australia managing director and chief executive officer Tony Fenning has taken a period of leave for health reasons.
According to the company's announcement to the Australian Securities Exchange, Fenning left SFG on 23 December last year and is expected to return later this month.
SFG did not specify the exact cause of Fenning's temporary departure, but said it would continue to monitor the position and update the market accordingly.
Meanwhile, chief operating officer John Cowan has stepped in as interim CEO, according to the announcement, with the board thanking Fenning for his "tireless and innovative commitment to the company".
"The board and management wishes Mr Fenning well in his recovery and would like to express its sincere gratitude to Mr Fenning for his leadership and strategic guidance during 2013 as the company continued its growth ambitions and has delivered solid performance," the company said.
SFG Australia chairman Peter Prominitz said Fenning had the board's full support to devote the necessary time and focus to concentrate on his current health issues.
"We wish him well with his recovery and look forward to him returning, as his health permits, to the company in 2014," Prominitz said.
Cowan has worked for SFG since May 2012, having worked in the financial services industry for more than two decades. He was formerly head of financial services for Crowe Horwath Australasia where he took charge of financial planning, risk and general insurance, lending and finance, as well as self-managed super fund administration.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
