IOOF has appointed an acting chairman and acting chief executive officer following last week’s moves by the Australian Prudential Regulation Authority (APRA) and impending legal action.
The board of IOOF announced to the Australian Securities Exchange (ASX) today that IOOF managing director, Christopher Kelaher and its chairman, George Venardos had agreed to step aside from their positions effective immediately and pending resolution of the APRA proceedings.
It said that Renato Mota, currently Group General Manager, Wealth Management had been appointed acting CEO and Allan Griffiths, a current non-executive director would be acting chairman.
The announcement said Kelaher and Venardos would be on leave while they focused on defending the APRA actions.
The ASX announcement said the chief financial officer, David Coluter, company secretary, Paul Vine and General counsel Gary Riordan would remain in their positions but would have no responsibilities in relation to the management of the IOOF trustee companies and no engagement at all with APRA during the period.