Australian Ethical Investment has announced that John McMurdo has been appointed as its new chief executive officer (CEO) and managing director while acting chief executive, Steve Gibbs, will resume chair of the board’s position.
McMurdo’s appointment followed the decision by former chief executive, Phil Vernon, who announced in August 2019 that he would step down from the leading ethical fund manager.
In the announcement made to the Australian Securities Exchange (ASX), the company said that McMurdo was “an experienced CEO and director with a proven history of growth and success in the financial services industry.”
“In appointing a new CEO and managing director, the board took the thoughtful approach that our members, employees and shareholders expect and deserve,” Gibbs said.
“And while it has been a pleasure to lead Australian Ethical as acting CEO, I’m confident that under John’s guidance we will continue to fulfil the trust our members have in us and deliver the results they want for themselves as well as people, planet and animals.”
By taking the position as chair of the board, Gibbs would replace acting chairman Michael Monaghan who would remain on the board of directors.
Australian Ethical, which has currently $3.87 billion in funds under management, has been providing Australians with wealth management products since 1986.