Macoun leaves as Perennial moves to stand alone
Perennial Investment Partnershas moved to cut the apron strings from founding shareholder, IOOF, with the latter’s executives stepping down as board directors clearing the way for greater representation of Perennial senior executives and a higher level of management equity.
Perennial’s inaugural managing director, Ian Macoun will depart as part of the shake-up which also involves a capital injection on the part of IOOF to “enhance business flexibility” and the flagging of an eventual move to 50 per cent management control of Perennial Value Management by its own employees.
Macoun’s role will be split between current business development manager, Anthony Patterson who will become group chief executive officer and join the board and the head of operations, Lewis Bearman, who will also carry the chief executive officer title and be in charge of finance, IT, investment infrastructure and operations.
Perennial’s chairman and founding shareholder, Mike Crivelli says the changes represent the next step in Perennial’s development and are a reflection of the group’s financial independence.
“Four years ago we were financially dependent on IOOF, but now we are a stronger, profitable and a more diversified group,” he says.
“The cornerstone of Perennial’s success has been the way in which the company has been structured, with senior executives having a true vested interest in the business through significant equity ownership earned through investment performance,” Crivelli says.
He adds that Perennial and IOOF have concluded a greater level of independence of the business will enhance the existing operation in the next phase of Perennial’s development.
IOOF chairman, Ray Schoer says Perennial has proven to be a great investment for his group and is pleased to see it move to the next phase of development.
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