Challenger’s path to a merger
Jan 2002—Challenger International(CLI) buys Credit Suisse First Boston private client share advisory business and renames it Challenger First Pacific.
April 2002— Challenger Life (UK), a CLI subsidiary in the UK, receives a licence to issue guaranteed annuity products.
July 2002— CLI restructures creating Challenger Global Life, made up of the local and UK annuities businesses, and Challenger Investment Services, comprising the advisory services, corporate financial services and funds management businesses.
October 2002— CLI splits the role of chair and managing director with Gil Hoskins and Bill Ireland taking on the roles.
All executive directors, except the managing director, move from the board to the executive board. A number resign from the board but retain CLI subsidiary companies directorships.
November 2002— Kerry Packer, Lloyd Williams and Brenda Shanahan join the CLI board as non-executive directors following the board restructure.
January 2003— CLI and Bell Potter sign a share sale deed for the sale of Challenger First Pacific Limited.
Merger proposed between CLI and CPH Investment Corp with CLI directors Kerry and James Packer and Ashok Jacob standing down ahead of the merger.
AUTHOR
Jason Spits
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