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MLC CEO to depart

— 1 minute read

MLC chief Geoff Lloyd will be stepping down at the end of the month, following the recent sale agreement with IOOF.

Mr Lloyd will be departing after two years as chief executive of the wealth business, having joined to lead its separation from NAB.

In his place, MLC chief corporate services officer Andrew Morgan will be overseeing MLC’s day-to-day operations as it works towards completion of the sale to IOOF.

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In a note to NAB employees (including MLC), the big four bank’s CEO Ross McEwan said it was a “natural progression” and Mr Lloyd is now taking time to consider his next role.

Meanwhile Mr Lloyd also wrote a letter to MLC staff, telling them he was “proud” to have taken on the challenge of leading the company.

The level of change required was definitely larger than I first anticipated however you all quickly got behind the refreshed strategy, including those of you who preceded me and also those who joined to help reset and reshape MLC,” Mr Lloyd stated.

“Like me you all saw the opportunity in this great brand and the need for leadership in the wealth market.”

Mr McEwan credited the outgoing chief with leading MLC through remediation, demerging and growth within the volatile circumstances of COVID-19.

The team has significant momentum with the wrap business back into net inflow, significantly increased client NPS and reduced longstanding outflows on the master trust business,” the NAB CEO wrote.

“Improvements include client initiatives to create value for financial advisers, enhanced product and digital services and new products including core wrap. The team established 16 remediation programs of work with all remaining remediation of our clients now on track for completion.”

 

MLC CEO to depart
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Sarah Simpkins

Sarah Simpkins

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].

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