Investment solutions firm, Generation Life’s joint chief executive and managing directors Catherine van der Veen and Lucy Foster have resigned and will leave the firm on 31 January, 2020.
In an announcement to the Australian Securities Exchange (ASX), Generation Development Group (GDG) said the pair resigned “due to personal circumstances” and that Grant Hackett would take the helm at Generation Life.
Hackett is currently chief executive of GDG and would step down before assuming his new role.
The announcement noted that the GDG chief executive role would remain vacant and would not be filled. It said Rob Coombe would continue as GDG’s executive chair.
“On behalf of the board I wish to extend my thanks and gratitude to Catherine and Lucy for their significant contribution to Generation Life and its staff and clients in a period of high growth,” Coombe said.
“They have left us with a strong platform and pipeline of growth initiatives which Grant will continue to support in his new role.”
Generation Life general manager of distribution, Felipe Araujo, would join the Generation Life board effective 1 February, 2020.
GDG also announced that its funds under management over the year to 31 December, 2019 increased 33.1% ($305 million) to $1.23 billion. In Q4 sales inflows were up 43.1% ($25.5 million) compared to the corresponding quarter from the previous year.