IOOF has made changes in its executive team, as part of the business reshaping itself following on from its senior management review last year.
Former general manager of distribution Mark Oliver has been promoted to the new title of chief distribution officer, whereas general manager of advice Darren Whereat has assumed the role of chief advice officer.
Frank Lombardo has kept his role of chief operating officer, but the function will now involve new areas including transformation and integration, a new commercial management capability and its new client-centred focus.
Further, head of marketing Candice Spence has decided to leave the company after 14 years.
Chief executive Renato Mota said the changes were designed to better align the group’s teams and reflect its recent acquisition of ANZ’s Pension and Investments business (P&I).
“This marks the commencement of an exciting new phase of IOOF’s development,” Mr Mota said.
“The recent increase in our size and scale through the P&I acquisition has improved our ability to invest in and deliver market-leading solutions, offering more value to our clients.
“We are building solid foundations for IOOF’s future success. Through a purpose-led culture we continue to challenge ourselves to deliver better outcomes for clients and members.”
Mr Oliver’s new role has reflected the increased scale and scope of IOOF’s product and client businesses following the completion of the P&I transaction as well as incorporating responsibility for group marketing.
“Mark’s new role reflects the importance of and opportunities from the continued development of efficient and engaging solutions for advisers, investors, members and employers,” Mr Mota said.
Mr Whereat is set to continue to lead the advice business, with Mr Mota commenting his role will reinforce the importance of advice to the group’s strategy and its transformation of advice delivery.
At the end of November, Mr Mota indicated he had undertaken the management review since June last year to ensure the group had “the right people leading”.
At the time, it had seen two new executives join: Mel Walls, chief people officer and Adrianna Bisogni, company secretary.
But it was set to see its third chief risk officer in six months, after the last CRO Amanda Noble resigned, having only held the role for a few months.
The committee update has come after Shine Lawyers filed a class action against the group on Friday.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].