Perpetual boss moves on after eight years
PerpetualTrustees Australiamanaging director Graham Bradley is leaving the company after eight years in the position.
Bradley will continue as managing director until a new chief executive is appointed, with the group currently on the lookout for a replacement.
It is expected Bradley will remain in the job until September this year.
Bradley’s achievements have earned him leaving benefits worth nearly $5 million, with an $800,000 payout and 200,000 options with an average strike price of around $20.
During his tenure at the top, Bradley and his team increased the group’s funds under management from $2.4 billion in 1995 to the current $17 billion, with operating profit after tax increasing from $11 million when he joined to $58.7 million in the year to June 2002.
His departure, flagged in the company’s recent letter to shareholders, has been described as part of the group’s planning towards a new phase of growth and changes required over the next five years.
“In line with the company’s succession plan, the board believes the timing is right for the appointment of a new managing director and chief executive to provide continuity of leadership for Perpetual Trustees for the growth phase anticipated over the next five years.”
Bradley says he may consider the role of an independent company director sometime in the future.
Recommended for you
Australia has marked a decade among the best countries for retirement, according to Natixis, but with high inflation threatening their retirement goals, a third say they would get professional advice to improve their chances.
Wealth management platform provider Netwealth has announced a partnership with FinClear to streamline trading capabilities for advisers.
AZ NGA has entered into a strategic partnership with national advice firm MiQ Private Wealth, as a way to provide a succession solution, as well as career development opportunities for staff.
While the advice profession struggles under growing operating costs, Adviser Ratings has found more than half of practices – some 58 per cent – that generate less than $250,000 in revenue report no profit at all.
