Cawsey resigns from Stockford board

The former investment services group executive at theSt George Bank, Richard Cawsey, has resigned as a director of the troubled accounting and financial planning consolidatorStockford.

A statement released by Stockford last night said Cawsey, who left St George in March, was pursuing business interests which “necessitated his resignation from the Stockford board”.

Stockford chairman Chris Riordan did not comment on the specific nature of Cawsey’s new business interests today, saying only that Cawsey would not have had “enough time for what is a very active board at Stockford at the moment”.

Riordan says Cawsey himself, and not the Stockford board, initiated the resignation.

Cawsey’s departure will mark another reshuffle of the Stockford board.

Last month, Stockford’s former chairman, Brian Clayton, and two other directors, Merran Kelsall and Lawrie Robertson, announced they would resign from the group.

“We are at the stage at the moment where what [Cawsey’s departure] means is that effectively most of the previous board is moving on,” Riordan says.

Riordan says Stockford is now focusing on its seven point plan, announced to the market last month as the first step towards restoring credibility to the group and lifting its flagging share price.

The plan called for the establishment of an advisory council made up of the principals of the practices in the Stockford fold, the establishment of a revamped incentive program for advisers and a reduction of the group’s costs.