Industry Super Holdings restructures to form three distinct businesses and loses IFS general manager in the process.
Industry Fund Services (IFS) general manager David Haynes is set to depart the organisation amid a restructure of parent company Industry Super Holdings.
IFS chairman Sandy Grant told Investor Weekly that Haynes has made the decision to leave and would finish his role in early January to take a break in order to pursue a range of other options.
Haynes' departure comes on the back of the restructure of Industry Super Holdings to form three distinct business units.
"Recently, the board of Industry Super Holdings made the decision that the businesses needed to have some autonomy while they continue to be part of the holding company," Grant said.
"They need to have the freedom to operate in accordance of the rules of the different markets that they're in, because they are very different."
Industry Super Holdings is the holding company for IFS, Members Equity Bank (ME Bank) and Industry Funds Management (IFM).
As part of the restructure, which started in September, IFS will have a wider range of businesses under its umbrella.
"There are businesses in IFS that weren't there in the original business, so it's a much bigger business and it's quite autonomous from ME bank," Grant said.
Industry Fund Financial Planning, the IRIS allocated pension, a managed investment product, Industry Funds Credit Control and Industry Funds Insurance Broking will all be part of IFS.
According to Grant, the business will now have separate boards which report through to Industry Super Holdings.
Kay Thawley is the first appointment and will take the helm as chief executive of IFS from mid-December this year.
Thawley is a former Deloitte and National Australia Bank executive.
The institutions that collectively control more than $40 billion of Australian investment dollars are viewing 2010 as a year to tread carefully.... Watch»
