Australian Ethical Investment’s chief executive and managing director, Phil Vernon, is stepping down after nine years in the role.
Vernon joined the company in December 2009, overseeing substantial growth for the business as the ethical investing became more popular over the past decade. Under his leadership, the firm’s funds under management increased from $600 million to over $3 billion, its market capitalisation went from $20 million to $200 million, and its superannuation farm rapidly grew.
“On behalf of the Board, I wish to extend my sincere thanks and gratitude to Phil for his significant contribution to Australian Ethical. He has led the organisation through unparalleled growth and success over the past decade,” Australian Ethical chair, Steve Gibbs, said when announcing Vernon’s departure.
“After nine years at the helm I feel now is the right time to hand over to fresh leadership to take Australian Ethical to the next level … It has been an honour to have worked with so many inspiring people both within the company and throughout the industry who are dedicated to reshaping the financial system and making the world a better place,” Vernon added.
Vernon would depart on 31 August, this year, with Gibbs to step in as acting chief executive. The Board had already started its search for a permanent replacement.