Peter Scott takes the chair at Perpetual

Former MLC chief executive Peter Scott has been appointed chairman of Perpetual.

Scott will succeed Robert Savage, who in October will step down after nine years on the board and five years as chairman.

Scott has already served as a director of Perpetual for five years. The company’s policy is that directors’ tenure must be limited to three elected terms of three years, but Perpetual will overturn that rule for Scott.

The board said it intends to invite Scott to serve an additional term of three years after his nine-year term as a director expires in 2014 in order to “ensure continuity in the chairman’s role”.

Savage’s retirement will be effective from 26 October this year, but Scott will become the chair of the Perpetual Board Nominations Committee immediately. That committee is leading the search for David Deverall’s replacement as chief executive.

Scott’s background is in the financial services industry, unlike Savage, whose career was largely spent with technology company IBM.

Scott’s previous experience includes acting as chief executive of MLC and an executive general manager of National Australia Bank. He has also held a number of senior management roles with Lend Lease Corporation and is currently chairman of Sinclair Knight Merz and a director of Stockland Corporation.