E&P advances CEO appointment as Anderson departs
E&P Financial Group has brought forward the appointment of its new chief executive and managing director.
It announced at the end of June that Ben Keeble would start at the beginning of 2024, replacing Peter Anderson who would depart after four years. Keeble was previously the managing director of E&P Capital, the firm’s corporate and institutional business.
At the time of joining E&P in June 2019, Anderson was tasked with addressing the legacy issues within Dixon Advisory and the fund management business. The firm said this is expected to be completed by the end of 2023.
However, in an ASX statement, the firm said it has brought forward this start date so that Keeble will begin this month instead, receiving a total fixed remuneration of $800,000 per annum plus short- and long-term incentives.
E&P non-executive chairman, David Evans, said: “Ben is an exceptional executive with a deep understanding of our business, culture and operations and financial markets generally. He has more than 25 years’ experience in the financial services industry, and we believe he is uniquely positioned to lead E&P through its next phase of growth.”
Anderson will remain as an employee until 31 December 2023, as per the previous agreement, and be retained on a casual basis until 30 June 2024 in order to provide assistance on various matters such as the Shine proceeding.
Keeble added: “I look forward to the next phase in the evolution of the E&P group. With the transformation and simplification of the business model under Peter’s stewardship now largely complete, the group is well-positioned to take advantage of the macro themes playing out in the wealth management sector, in particular.
“We are actively working with the senior management across the group to build out strategic priorities for the next phase of E&P’s growth.”
In the firm’s wealth division, it services over 7,400 clients representing $23.4 billion in funds under advice.
E&P was the parent company of Dixon Advisory, which entered voluntary administration in January 2022 after its directors determined mounting actual and potential liabilities meant it was likely to become insolvent. The majority of its clients then transferred to E&P.
In September 2022, Dixon Advisory and Superannuation Services (DASS) was fined $7.2 million by the Federal Court for failing to act in the clients’ best interests and failing to provide appropriate advice for their circumstances.
The court found that on 53 occasions between October 2015 and May 2019, Dixon Advisory was the responsible licensee of six representatives who did not act in the best interests of eight clients when they advised these clients to acquire, rollover or retain interests in the US Masters Residential Property Fund (URF) and URF-related products.
AUTHOR
Laura Dew
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