Equip names CEO following merger with Rio Tinto Staff Super Fund

Equip has announced both its merger with the Rio Tinto Staff Superannuation Fund and the appointment of Nicholas Vamvakas as chief executive officer, effective 1 July 2017.

Vamvakas will lead the merged $14 billion fund under the Equip name.

Vamvakas has been acting as Equip's CEO for the last 12 months, following the departure of former CEO Danielle Press. He joined the fund in June 2014 as chief risk officer and prior to that held the same role with ME Bank.

Equip has also announced a restructure of its board, with the appointment of three additional directors that will bring the board to the one third/one third/one third governance model. As of 1 July 2017, Equip's board will include: three member directors, Jan Dekker, Pippa Leary and Jane Simon; three employer directors, John Azaris, Michael Clinch, and newly-appointed Mark Cerche; and three independent directors, Andrew Fairley (chair) and newly-appointed Justine Hickey and Wayne Walker.

Commenting on the changes, Equip chair Andrew Fairley said: "As Acting CEO, Nicholas has successfully led and navigated Equip through the negotiations and merger with the Rio Tinto Staff Superannuation Fund over the past 12 months. Our existing and incoming trustee directors are very pleased to be able to assure our members, employers, staff and key industry partners of the continuity and proven leadership qualities that he brings to the fund."

"Nick will lead our significantly larger fund into an exciting new era for the fund's members and employers, giving us the scale and resources to continue our investment in industry-leading products and services, while keeping fees and costs as low as possible."

A replacement for Vamvakas' role as chief risk officer is yet to be announced.