Chris Corneil departs as Russell's Australasia CEO
Chris Corneil has stepped down as Russell Investments’ Australasia chief executive after the position was removed as part of a corporate restructure.
He departs Russell after 15 years with the organisation - including four years as CEO – and has since been replaced by long-serving CEO Asia Pacific Alan Shoenheimer who will drive the growth and direction of the Australian and New Zealand businesses, the company stated.
Russell president and CEO Len Brennan thanked Corneil for his contribution to the company during his tenure.
Australia continues to be one of the biggest opportunities for Russell’s global asset management business, he added.
Schoenheimer said Australia faced a retirement incomes dilemma as people live longer and want to maintain their living.
“Ultimately our focus will be to ensure baby boomers convert their savings into a reliable stream of income and protect their income against the uncertainties of retirement”, he said.
“There is a clear need for innovative market offerings in the retirement incomes space.”
Under the new structure, the leadership team in the Australasian region will now report directly to Schoenheimer.
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