Former Perpetual chief executive and managing director Geoff Lloyd has been appointed the new CEO of MLC, effective 1 September 2018.
The appointment follows National Australia Bank’s announcement in May that it will be exiting its Advice, Platform & Superannuation and Asset management businesses, currently operating under MLC and other brands, to allow a focus on a simpler wealth offering through nabtrade and JBWere.
In his new role, Lloyd will report directly to NAB CEO Andrew Thorburn.
“Geoff is a standout leader and the right person to lead through the transaction, establish a new standalone business and build it for the future,” Thorburn said.
Thorburn said Lloyd is a highly regarded executive with a proven track record of delivery, having successfully driven a major turnaround program at Perpetual through a period of significant structural change.
“The core MLC wealth management business is strong with great prospects and I am confident Geoff will not just assist in a successful transaction but also help realise the full potential of the new business,” he said.
Lloyd said he was looking forward to starting in the new role.
“MLC has a great heritage and a diverse portfolio of high-quality and well-regarded businesses and brands that I am very passionate about,” he said.
“This is an exciting challenge and opportunity to lead a business that is well positioned to grow and continue delivering for clients in the decades ahead.
“I’m also looking forward to playing my role in responding to the external challenges for our industry and working to grow confidence and trust in the service we deliver our customers and helping them secure their financial future.”