Perpetual has appointed Geoff Lloyd as chief executive and managing director, after Chris Ryan decided to step down from the chief executive role.
The changes are effective immediately.
Lloyd was previously Perpetual group executive for private wealth and retail distribution.
He joined Perpetual 18 months ago from BT Financial Group, where he was a general manager and head of advice.
Ryan decided to step down after a disagreement with the board.
"While Mr Ryan had executed some important business improvements after joining Perpetual in February last year, it had become clear that there were differences between Mr Ryan and the board around emphasis and execution of strategy for the immediate and longer term," Perpetual chairman Peter Scott said.
"Over the weekend we agreed to disagree with Chris Ryan on these important issues and that he would leave Perpetual as a result."
Scott also indicated Lloyd had already been a candidate for chief executive when he joined the firm.
"Geoff Lloyd was recruited to Perpetual as a potential future CEO," he said.
"He has demonstrated his understanding of the Australian financial services market through the strategy he has put in place for the Private Wealth division and the board is very pleased to appoint him to lead the group and the team."
Lloyd said that in accepting the chief executive and managing director role he had agreed to three key priorities with the Perpetual board.
"I have agreed with the board that we need to work harder and faster to refine the growth strategy for the business; deliver further meaningful cost reductions; and reinvigorate sales and distribution across the entire business," he said.
"The immediate task for the senior management team is to review and align our plans for each of these key priorities across the entire business.
"I said when I joined Perpetual that this is a company with iconic heritage and excellent long-term potential growth and that remains my view. We have a lot of work to do to make that a reality and I'm excited about the opportunity to lead that process and the Perpetual team from here."
Perpetual will pay $1.2 million to Ryan in lieu of 12 months' notice.
He will also be eligible to be considered for a short-term incentive payment in respect of the current financial year and will retain all unvested shares, for which vesting is conditional upon the performance hurdles being met.
Lloyd will receive a fixed remuneration of $1.1 million, including superannuation contributions.
He is also eligible for short-term incentives of up to 100 per cent of his fixed remuneration and long-term incentives of up to 80 per cent of his fixed remuneration, subject to making certain performance hurdles.
