CBA names former executive as Avanteos head
Avanteoschief executive Mark Papendieck will step down from the group after concluding his three year employment contract and will be replaced by former Commonwealth Bank senior executive, Serg Premier.
Premier left the Commonwealth Bank six months ago as general manager for major projects including re-engineering the bank’s EFTPOS business. Prior to that he was the chief executive officer of GE Capital Finance.
Premier toldMoney Managementhe had been head-hunted by the Avanteos board for the position and there would not be any dramatic changes to Avanteos following his appointment.
“I will focus on getting the business running well, but there won’t be any marked changes. We have seven major clients and we will continue to grow, but I want to bed down these current contracts,” Premier says.
Premier says the bank is committed to the business and believes the company has a viable business model for the future and there will be some new products launched before the year end, but declined to say what these will be.
The Commonwealth became the sole shareholder of Avanteos in March of this year after it held a 50 per cent stake through its funds management armColonial First State, which had bought into Avanteos in December 2000, before the former was purchased by the Commonwealth.
Papendieck says the end of his tenure as chief executive comes after three years of building and commercialising the Avanteos business and the group had moved from a technology provider with few clients in 2000 to a leading provider of wrap services, a fact recognised in the purchase by the Commonwealth.
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