Perpetual MD & CEO to step down

Perpetual has announced that its managing director and CEO, Geoff Lloyd, will be stepping down, effective 30 June 2018.

Lloyd first joined Perpetual in August 2010 as group executive of Perpetual Private and in 2011 took on additional responsibilities as head of retail distribution. He was appointed as the firm's MD and CEO in February 2012.

In a statement to the ASX, Lloyd said that he will leave Perpetual as "a friend and a supporter" of the firm.

He added: "It has been such a privilege to lead Perpetual...As we started to build the company strategy for the coming three to five years, I felt that I wouldn't be able to commit over the long term and so now is an important time to hand over the leadership of Perpetual."

Perpetual's chair, Tony D'Aloisio, thanked Lloyd for his "leadership, passion and determination to improve and grow the company."

Perpetual is now looking to appoint Lloyd's successor with the intention of allowing for a "smooth leadership transition."