Mr Venardos has been a director of IOOF since April 2009 and chairman from 2016 to 2018, making a significant contribution to IOOF’s strategic evolution in that 10-year period.
“George has served the IOOF board with professionalism, bringing a wide range of financial services and corporate experience to our board. He played a significant part in driving IOOF’s growth through multiple acquisitions and divestments. The board thanks George for his integrity and dedication to IOOF over a long period,” IOOF chairman Allan Griffiths said.
Mr Venardos said it has been a privilege to serve as a director and chairman.
“I have always sought to act in the best interests of the group and all its stakeholders and am pleased that the future should see IOOF continuing to go from strength to strength. I wish the board, management and staff every success in their continued focus to deliver superior outcomes to IOOF members and clients,” he said.
IOOF grew funds under management, advice and administration (FUMA) by 3.1 per cent to $142.7 billion over the three months to 30 September. However, group only managed to attract $33 million of net inflows over the quarter, compared to $119 million over the prior corresponding period.