IOOF’s Kelaher and Venardos step aside

IOOF/Australian-Prudential-and-Regulation-Authority/APRA/Christopher-Kelaher/renato-mota/David-Coulter/gary-riordan/people-and-products/funds-management/regulation/

10 December 2018
| By Mike |
image
image
expand image

IOOF has appointed an acting chairman and acting chief executive officer following last week’s moves by the Australian Prudential Regulation Authority (APRA) and impending legal action.

The board of IOOF announced to the Australian Securities Exchange (ASX) today that IOOF managing director, Christopher Kelaher and its chairman, George Venardos had agreed to step aside from their positions effective immediately and pending resolution of the APRA proceedings.

It said that Renato Mota, currently Group General Manager, Wealth Management had been appointed acting CEO and Allan Griffiths, a current non-executive director would be acting chairman.

The announcement said Kelaher and Venardos would be on leave while they focused on defending the APRA actions.

The ASX announcement said the chief financial officer, David Coluter, company secretary, Paul Vine and General counsel Gary Riordan would remain in their positions but would have no responsibilities in relation to the management of the IOOF trustee companies and no engagement at all with APRA during the period.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS