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Trust head to resign
By Justin Lim
Financial services group Trust Company has announced that its managing director, Jonathan Sweeney, will resign from his position following the appointment of a successor.
Executive search firm Spencer Stuart has been commissioned to select the best candidate to succeed Sweeney, a process that may take up to six months, as both internal and external candidates will be considered.
The chairman of the Trust board, Bruce Corlett, said the company was sorry to see Sweeney leave after eight years as managing director but expected the transition to be a smooth one.
“In the eight years of Jonathan’s stewardship, Trust’s market capitalisation has grown from $114 million to more than $275 million, with total shareholder returns over the period approximately 20 per cent per annum,” Corlett said.
“Jonathan has led transformational change within the company, including the merger with Permanent Trustees in 2002, the highly successful securitisation joint venture with BNY Mellon, the establishment of Trust’s property and infrastructure custody business and the company’s expansion into Asia.”
22 July 2008
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