AustralianSuper’s Silk steps down

AustralianSuper chief executive, Ian Silk, is stepping down from the role after 15 years and the fund’s chief risk officer, Paul Schroder, has been appointed as CEO.

Schroder would start in the role later this year and the board said he was unanimously decided as the best person to lead the industry super fund through its next phase.

The fund’s chair, Dr Don Russel, said Silk was leaving the fund well placed to build on past successes.

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“The AustralianSuper board wishes to express our deep appreciation for the leadership and integrity that Ian has consistently displayed throughout his tenure and in building an organisational culture that always puts the long-term financial interest of members first,” Russell said.

“Under Ian’s leadership the Fund has always been ambitious for members and this has played a vital role in ensuring AustralianSuper has been able to use its size and scale to be the number one performing fund across multiple time periods. The Fund has no other objective than to work in assisting members to achieve their best financial position in retirement.”

Commenting on Schroder’s appointment, Silk said: “Paul has played a key role across the Fund over the past decade in providing low cost insurance to members, building the Fund’s brand and most recently embedding a leading risk culture at AustralianSuper.

“He is exceptionally well placed to lead the Fund in its next phase as it moves towards being a profit-for-member $500 billion superannuation fund in the next five years, that uses the scale of the organisation to benefit members."

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Move over Shakespeare & Dr Seuss, my tongue in cheek view:

There was a slimy snake called Silk
Who found an industry fund he could milk
From other people’s cash
He flogged an enormous stash
Then left, leaving a spot for others of his ilk

In my opinion, Paul Schroder has a pathway to his new role that doesn't feel right. Nothing to see here as usual with industry funds,

Currently he is Chief Risk Officer, but was previously in charge of branding and reputation at AustralianSuper and national secretary of a trade union. For me, Chief Risk Officer at such a big super fund, is a very important role and should be an external appointee for independence and transparency. Now he has been promoted to CEO!

From his bio:
"He was Group Executive Membership from 2013-2016 before taking on the role of Group Executive Strategy, Brand & Reputation from 2016-2019. Prior to joining AustralianSuper he was the National Secretary of the Finance Sector Union of Australia. Paul holds a Bachelor of Commerce from the University of Melbourne and was awarded the Shell exhibition prize for Labour economics. He also holds a diploma in Financial Planning."

Tonight on Australian Greed, a manager...,..

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