AFIC MD and CEO to retire

The Australian Foundation Investment Company (AFIC), Australia's oldest listed investment company, has announced the retirement of CEO and managing director, Ross Barker, effective 31 December 2017.

Barker first joined AFIC as CEO in January 2001 and was appointed to the additional role of managing director in October of that year.

Barker will be succeeded by AFIC CIO, Mark Freeman, who will also succeed Barker as managing director and CEO of Australian Investment Company Services (AICS), which provides investment and administration services to AFIC and three other listed investment companies: Djerriwarrh Investments, Mirrabooka Investments and AMCIL.

In acknowledging Barker's contribution, AFIC chair, Terrence Campbell, said: "Ross leaves AFIC and the three other Investment Companies in a strong position. The Board and management extend our warm wishes to Ross in his retirement, and thank him for his enduring leadership and significant contribution throughout his distinguished 16-year tenure at AFIC."

According to AFIC, Barker and Freeman will work closely together over the coming months as operating activities and responsibilities are transferred.