IOOF restructure sees CIO out

IOOF is combining its technology and operations teams in its latest move after its acquisition of MLC, and its chief information officer (CIO) will leave the firm.

IOOF said CIO Sharam Hekmat would leave the organisation after five years as a result of the firm focusing on organisational design post acquisition.

The responsibility of the technology division would move to its chief operation officer Frank Lombardo.

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“Combining technology and operations more closely aligns technology with the product and platform simplification roadmap,” the firm said.

“Analysis has been undertaken on the integration roadmap since completion and has identified opportunities to accelerate product and platform simplification, subject to further evaluation, which may change the original technology approach.”

IOOF noted its acceleration of its product and platform simplification was an opportunity to deliver additional synergies. It said its pre-tax synergy run-rate target of $218 million per annum by the end of FY24 remained on track.

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