IOOF managing director, Chris Kelaher is to leave the company.
IOOF announced the decision to the Australian Securities Exchange today stating that Allan Griffiths has been elected independent non-executive chairman effectively immediately.
The announcement said Kelaher had left the company by mutual agreement.
His departure follows action initiated by the Australian Prudential Regulation Authority (APRA) out of the Royal Commission which saw Kelaher and IOOF chairman, George Venardos stand aside pending the outcome of court action.
Renato Mota will continue as acting chief executive following Kelaher’s departure with a further announcement to be made regarding succession planning.
Kelaher is on leave but will formally depart the company on 2 July and will receive a payment of $1,273,378 in lieu of his contractual notice period along with accrued leave entitelements.
The announcement said Kelaher’s unvested performance right would lapse as a result of of his cessation of employment and his deferred shares would remain subject to ‘look-back’.
Kelaher said it had been a privilege to serve IOOF and he was proud of what he had achieved but it was time for IOOF to move forward under new leadership.