Renato Mota has reflected on his tenure as Insignia CEO and the long-term competitive advantage of the business as it moves to become a leading Australian financial wellbeing company.
Speaking at the firm’s annual general meeting on 23 November, Mota said he is “disappointed” by the share price performance but optimistic about the progress of its strategy execution.
Shares in Insignia are down 38 per cent over the last 12 months and by 67 per cent over five years.
“Although we are disappointed with our share price performance, I would like us to focus on the long-term competitive advantage we are building through the investment in core capabilities and our unique market position across advice, platforms and asset management.
“The execution of our strategy has led to many achievements and set the foundation for sustainable growth, as we position ourselves as one of Australia’s leading financial wellbeing companies.”
Mota announced he will be stepping down in February 2024 in October after 20 years with the business and five years as chief executive.
Achievements during his tenure, he said, are improvement in net fund flows, the integration of MLC and the accelerated delivery of acquisition synergies. It has also created a client wellbeing division to expand the provision of financial help, guidance and advice.
A refreshed strategy for the next three years includes four strategic pillars of:
- Improving clients’ financial wellbeing.
- Deepening partnerships with advisers and employers.
- Simplifying the business.
- Building a safe and trusted business together.
Mota said: “Despite a challenging external environment, we continue to deliver on our strategic commitments and remain excited by the opportunities derived from creating financial wellbeing for all Australians.
“I am confident we are building a business that is more relevant than ever and well-positioned to take advantage of opportunities ahead as we continue to focus on creating sustainable value for shareholders.”
Allan Griffiths, chairman of Insignia, said the search to recruit a replacement for Mota has begun and there is a succession plan in place.
“Over the past five years as CEO, Renato has been instrumental in transforming the business. He has created a purpose-led culture and executed a bold strategy in the face of numerous challenges including a global pandemic,” Griffiths remarked.
“As the industry has changed over the past 20 years, Renato has been driven by a desire to position Insignia Financial, and IOOF before it, as an industry leader, delivering value to all stakeholders. Renato has led with integrity and purpose prioritising the interest of the company above all,” he added.
