Kelly Power appointed as CEO of CFS Superannuation

Colonial First State’s (CFS’) general manager, product, Kelly Power has been appointed as chief executive for CFS Superannuation.

In an announcement, CFS appointed a number of senior leadership roles to help strengthen capabilities and capacity as the business continued to prepare for sale completion and accelerated the transformation of the business.

Power would retain responsibility for product and strategy, and it was intended she joined the board of the trustee, her role would also expand to include responsibility for CFS investments.

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CFS executive chair-elect, Rob Coombe, said: “Kelly has shown outstanding capability and capacity to lead in the four years she has been with the business.

“I have been particularly impressed with Kelly’s ability to tackle tough and complex issues and oversee the refresh of the business strategy.”

CFS also appointed Andrew Morgan as chief financial officer and would also be responsible for the end-to-end finance function and oversee fund services. Morgan joined from MLC where he held the same title.

Darren McKenzie was appointed as chief operation officer (COO) to oversee technology, operations and program management with a major focus on digitisation of the business. McKenzie also joined from MLC and had been COO UK and international at RSA Insurance.

CFS appointed Shenaz Waples as the newly created people officer role.

The firm was also in the middle of a recruitment process for a newly created CFS Group chief risk officer position to focus on risk and compliance as the business prepared to separate from the Commonwealth Bank of Australia.

Bryce Quirk had also been appointed as chief distribution officer to reflect the business’s focus on being more responsive to licensees’ and advisers’ evolving needs and the services.

Todd Stevenson had been appointed to a broader role of chief customer officer and would have accountability for direct client acquisition and retention, and assume responsibility for marketing and corporate affairs. He would also lead CFS’s work on digital advice.

“[The appointments] will help us to quickly and successfully complete our transition after completion of the sale, and transform our business to be the most competitive superannuation and investments business in Australia,” Coombe said.

The sale by CBA of a 55% interest in CFS is subject to finalisation and regulatory approvals with the divestment of CFS expected to complete in the second half of calendar 2021.




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