Australian Ethical CEO to step down
Australian Ethical Investment has announced that managing director and CEO Phil Vernon will be stepping down after nine years in the role, effective 31 August 2019.
Vernon said of his tenure: "I am proud to have been part of such a special company that has been at the forefront of responsible investing and the profit with purpose movement in this country."
He added: "However, after nine years at the helm I feel now is the right time to hand over to fresh leadership to take Australian Ethical to the next level."
The search for Vernon's successor is underway, the firm said, and chair Steve Gibbs will step in as acting CEO following Vernon's departure.
In acknowledging Vernon's contribution, Gibbs said: "On behalf of the Board, I wish to extend my sincere thanks and gratitude to Phil for his significant contribution to Australian Ethical...Under his leadership Australian Ethical funds under management have increased from $600m to over $3 billion, the market capitalisation of the company has grown from $20m to $200m and the company regularly ranks among Australia's fastest growing superannuation funds."
