Cuffe steps down as head of Challenger

By Craig Phillips

ChallengerFinancial ServicesGroup chief executive officer Chris Cuffe will step down as head of the group in August to takeover responsibility for developing its wealth management business.

Cuffe, who also gives up his directorship at the end of July, will be replaced at the helm by fellow director Michael Tilley, who will resign as JPMorgan vice chairman and relocate from Melbourne to Sydney to formally assume the role.

The initiative will see incumbent wealth management head Rob Adams now deputising to Cuffe, in a move that stems from the latter’s desire to take on a more investment focused role within the group.

“Today’s announcement is a personal decision on my part. My passion, motivation and drive have always been to develop a wealth management business.

“With the foundation for the future of the group now firmly set, I am choosing to focus solely on my area of specialty — wealth management,” Cuffe says.

This latest development follows former chairman James Packer stepping down due to other commercial obligations last month, resulting in former Commonwealth Bank executive Peter Polson taking over the chairmanship.

“The work and commitment of Chris, the management team and the board in the last 15 months has resulted in ensuring the foundations are set to grow Challenger’s three core businesses,” Polson says.

Tilley joined the CPH Management board following the merger of CPH Investment Corp and Challenger International in July 2003, and retained his directorship following the shift to a company structure and the creation of Challenger Financial Services Group in December 2003.