Long-serving Catholic Super CEO departs
Catholic Super has announced the departure of long-serving chief executive officer, Frank Pegan, following a leadership restructure.
The fund said that the new leadership team, which will be headed in the interim by chief risk officer and acting-CEO, David O’Sullivan, has been established to "drive Catholic Super forward while an international search for a new CEO is underway".
Commenting on the restructure, Catholic Super chair, Danny Casey, said: “The Board is confident the new team will continue to deliver the very strong financial performance members expect, while sharpening our focus on all aspects of governance."
He added: “It’s a time of change on many levels for Catholic Super. We are grateful for all that Mr Pegan has achieved, for the many members he has helped and for the extraordinary legacy he leaves at Catholic Super.”
The fund, which has $9.4 billion under management, said it embarked on a plan to "review and reset its priorities" in late 2017.
Pegan's departure follows that of long-serving executive, Robert Clancy, who left the fund in September following revelations to the Royal Commission of alleged policy breaches during his tenure.
Chief Executive Officer