The chair of Netwealth has passed the torch as Australia’s wealth industry faces down a period of “significant consolidation and transition”.
Jane Tongs will retire as chairman of Netwealth, citing her belief that board renewal is a key governance matter and that it is “time to pass the baton”. Ms Tong has served as chairman of all Netwealth companies since its foundation more than 20 years ago, providing “strong leadership throughout her tenure with a strong focus on governance, risk and financial stability”.
“My 20 plus years at Netwealth have been extraordinarily rewarding to me in a professional capacity having overseen the growth of the business from a start-up to the substantial ASX 200 company that it is today. I have particularly enjoyed working with the joint managing directors Michael and Matt Heine, their outstanding team and wonderful staff,” Ms Tong said.
Director Tim Antoine will now step into the role of chairman. Mr Antoine was appointed to the board in 2015 and is currently chairman of the audit committee and a member of the investment, compliance and risk management, remuneration and culture, and nomination committees. Mr Antoine was “instrumental” in the listing of Netwealth in 2017.
“It is an honour to be appointed to the role of chairman of Netwealth. The company has achieved great success through the combination of strong governance and leading operational and strategic execution,” Mr Antoine said.
“We expect the Australian wealth industry will continue to experience significant consolidation and transition in the coming years. Netwealth is well placed to continue to prosper from these changes and I look forward to working with the Netwealth board and management team for the benefit of its investors, shareholders, employees and other stakeholders.”
Kate Temby will also be appointed as a new independent non-executive director from 17 February. She is currently a partner at Affirmative Investment Management and had a 17-year experience with Goldman Sachs where she was a managing director in the asset management business.