IOOF Chair steps aside following APRA proceedings

IOOF has announced to the ASX that chair, George Venardos, has agreed to step aside immediately "pending resolution of proceedings brought by the Australian Prudential Regulation Authority (APRA)" last week. Also stepping aside is managing director, Christopher Kelaher.

Venardos served as an independent board director of IOOF from 2009 and was appointed chair in November 2016. Previously, he spent 10 years as chief financial officer of Insurance Australia Group and was chair of the Insurance Council of Australia's finance and accounting committee.

He will be succeeded at IOOF by current board director, Allan Griffiths. Renato Mota, currently group general manager, wealth management, has been appointed acting CEO.

The ASX announcement said that chief financial officer, David Coulter, company secretary, Paul Vine, and general counsel, Gary Riordan, will remain in their roles but will have no responsibilities in relation to the management of the IOOF trustee companies and no engagement at all with APRA while the proceedings are underway.