Sequoia Financial Group non-executive director Charles Sweeney has stepped down from the board of the licensee after six years.
In an ASX statement, the firm said it had “become increasingly difficult for him to balance his other commitments” with the Sequoia role. He currently works as a managing partner at law firm Cooper Grace Ward in Brisbane.
As well as his non-executive position at Sequoia which he has held since March 2019, he was previously the chair of the risk and compliance committee and a member of the audit committee. He also stepped up into the role of chair of the board on an interim basis after the exit of John Larsen in April 2024 until Mike Ryan was appointed in August 2024.
Sequoia said the board is in the process of confirming his replacement and may opt to appoint two individuals in light of the increased responsibilities associated with the role. Sweeney will remain on hand to ensure a successful transition to the new individual.
The board currently consists of chief executive Garry Crole, chairman Mike Ryan, and Kevin Pattison as non-executive director.
Crole said: “Charles has always been an engaged and supportive member of the board, and he is fondly remembered for stepping into the chair’s role on an interim basis during a difficult period for our business prior to the appointment of Mike Ryan in late 2024.
“On behalf of the entire Sequoia team, we extend our sincere thanks for his commitment and wish him continued success in his future pursuits.”
The board has seen a number of shake-ups in recent months after a shareholder rout sought to remove Crole and Pattison from the board and replace them with Peter Brook and Brent Jones as they sought to improve corporate governance and create a more focused and profitable business.
While the move was unsuccessful at an extraordinary general meeting in June 2024, Crole agreed to step down in FY27 and work with the firm to find a successor.
It also announced a restructure of its business which would see the licensee move from having four reporting divisions to just two: licensee and adviser services, and legal and administration services.
The licensee and adviser services will include InterPrac Financial Planning, Sequoia Financial Advice, Sequoia Family Office, Sequoia Corporate Finance, Sequoia Wealth Management, Sequoia Asset Management, and Sequoia Specialist Investments. It will also include its content arm – Informed Investor, ShareCafe, and Corporate Connect Research – which was acquired in March 2022.
The legal and administration services arm will include Castle Corporate, Constitute, NTAA Corporate and Panthercorp, Docscentre Legal, and Sequoia Superannuation.
