IOOF names Acting Chair

IOOF has announced to the ASX that independent board director, Allan Griffiths, has been appointed acting chair.

Griffiths succeeds George Venardos, who 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.

Griffiths joined the IOOF board in 2014 and previously served as chief executive officer of Aviva Australia and later managing director South Asia, Aviva Asia, based in Singapore. Prior to joining Aviva he held executive positions with Colonial Ltd and Commonwealth Bank of Australia.

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.

The IOOF board will commence a search for an additional director.