Driving force behind Novion/Fed Centres merger steps aside
Shopping centre owner Federation Centres has parted company with chief executive, Steven Sewell, less than two months the conclusion of the company's merger with Novion Property Group.
In an announcement to the Australian Securities Exchange (ASX), Federation Centres chairman, Peter Hay, announced that Sewell had left the company with immediate effect, yesterday, to be replaced by former Novion chief executive, Angus McNaughton.
Hay, who was previously a director of Novion, said Sewell "was a driving force behind the merger to create a company that has a $22 billion asset base with scale that will allow it to achieve significant synergy and strategic benefits".
"Under Angus and his team, our assets, people and investors have a strong, stable future," Hay said.
McNaughton said under his leadership, the group would "continue to deliver the synergies from the merger and build strong partnerships with our retailers and other stakeholders to create a stable, sustainable portfolio that delivers strong returns for our securityholders".
AUTHOR
Nicholas O'Donoghue
Recommended for you
The Federal Court has dismissed a conflicted remuneration case brought by ASIC against the director of life insurance distributor Freedom Group, where Bali holidays and Vespa purchases were among sales incentives.
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
