IOOF MD to depart

IOOF has announced, by "mutual agreement", the departure of managing director Christopher Kelaher.

IOOF said that Kelaher's resignation from the board is effective immediately and that "he will continue on his current leave arrangements before ceasing employment on 2 July 2019."

In December 2018, IOOF announced that Kelaher had agreed to step aside "pending resolution of proceedings brought by the Australian Prudential Regulation Authority (APRA)". George Venardos also stepped aside as chair.

Kelaher was appointed to the role of managing director in 2009, following IOOF's merger with Australian Wealth Management Limited (AWM), a firm he had led since 2006. Prior to AWM, Kelaher was the CEO of Select Managed Funds Limited before it merged with AWM in 2006.

He is succeeded by acting CEO Renato Mota.

Allan Griffiths, who was appointed acting chair in December 2018, has since been appointed independent chair.

Kelaher said of his departure: "It has been a privilege to serve as the managing director of IOOF for the last 10 years and I am proud of what IOOF has achieved...In the interests of the company, it is time for IOOF to move forward under new leadership. I wish the company every success into the future."