Insignia Financial chief executive, Renato Mota, has announced he will step down from the company after 20 years in February 2024.
Mota joined the firm in 2003 and held a variety of roles including general manager of distribution, group general manager for wealth management, leading the acquisition of MLC and was appointed its chief executive and managing director in 2019.
Prior to joining Insignia, he worked at Rothschild and big four banks NAB and ANZ.
Last year, he also joined the board of the Financial Services Council (FSC).
In a statement to the ASX this morning (20 October), the firm said it has commenced a search for a new CEO to replace him.
Insignia Financial chairman, Allan Griffiths, said, “Over his time with the group, Renato has been instrumental in transforming IOOF and ultimately Insignia Financial into one of Australia’s leading wealth management organisations.
“His ability to create a purpose-led culture and execute a bold strategy in the face of numerous challenges, including a global pandemic, are marks of his outstanding leadership qualities. We wish him well in his future endeavours.”
Mota said: “It’s been a privilege to be part of Insignia Financial over the past 20 years and its CEO over the last five. Having established a clear path for the next three years, I feel this is the right inflection point to provide the business with fresh perspective to continue the journey.
“To have created an industry leader and purpose-led culture, driven by an ambition to improve the financial wellbeing of all Australians, is something I’ll always be proud of. I know I will leave behind an incredibly talented and passionate team who will continue to build the organisation for the benefit of all stakeholders. I thank all of our people for their friendship and support, and wish them all the very best.”
Dead in the water, dumb just got dumber. The side kick imported from ANZ’s Retire Invest mob was a bad apple just rotting away. As I have stated on numerous times, to become a profession get rid of the middleman. Australian’s do not need a ticket clipper when it comes to their wealth. ASIC, the legislated organisation and the employed public servants need to do their job, as to date they have failed.
Maybe this will spend the ridiculous IOOF, oops Insignia, goal of converting self employed advisers into salaried product pushers.
Share price was circa $6.00 when he became acting CEO in April 2019. It is now $2.04.
It is always interesting when a Board announces a ‘mutual decision’ about the CEO.
The announcement earlier this year about Insignia moving towards a “partnership ownership model for self-employed licensees” is recognition that Renato’s strategy over the prior years was wrong and failed.
Fast forward ten years and Netwealth will be buying IFL for cents in the dollar.
Insignia is a basket case on multiple fronts. I refuse to deal with them anymore and think the share price will continue to fall.