The chief executive of Queensland-based super fund LGIAsuper is stepping down to focus on his duties as the fund’s chief investment officer.
David Todd, who holds the positions of both chief executive and chief investment officer, will be seeking to focus on the fund’s investment portfolio during the search for a new chief executive.
LGIAsuper chair John Smith praised the leadership of Mr Todd, who has held the position of chief executive since 2006 and oversaw the fund’s transition to a public offer fund, and said the "time was right" for a new leader of the super fund in place of Mr Todd.
“Under David’s stewardship, funds under management at LGIAsuper have grown from $3 billion in 2006 to over $11 billion,” Mr Smith said.
“His leadership helped LGIAsuper emerge from the global financial crisis as one of Australia’s best-performing super funds.”
Other changes to the executive team include the internal promotion of head of human resources Eleanor Noonan to the newly created role of chief of people and culture.
“With David focusing on investments, Ms Noonan shaping organisational culture and a new chief executive to drive business growth, the board believes LGIAsuper will be well-positioned to continue providing excellent service and consistent returns to the fund’s growing, 85,000-strong member base,” Mr Smith said.
Until a new CEO is appointed, Mr Todd will remain in the role.