HUB24 has announced that its chairman and non-executive director Bruce Higgins will depart next month at the conclusion of its upcoming annual general meeting (AGM).
In an ASX release on Tuesday, HUB24 confirmed that Mr Higgins, who has held the role of chairman since October 2012, notified the firm of his intention to take a career break for six months and as a consequence, retire from the board.
As a result, the HUB24 board has unanimously elected non-executive director Paul Rogan to the position of chairman, taking over following the retirement of Mr Higgins.
The firm said that it had grown significantly in terms of market share during Mr Higgins’ 11-year tenure and delivered strong financial results and increasing shareholder value.
“It has been a great pleasure to work with the talented team at HUB24 during this period of strong growth in the business as funds under administration increased from $150 million to now over $80 billion, and revenue has grown at a compound annual growth rate of 62 per cent over the past decade,” Mr Higgins said.
“Additionally, the HUB24 platform is now recognised by both the industry and advisers as Australia’s best platform.”
Mr Rogan originally joined the board of HUB24 as a non-executive director in 2017 and has served as chair of the audit, risk and compliance committee and as a member of the remuneration and nomination committee.
He previously held a range of senior executive positions at Challenger, including chief executive of distribution, marketing and research, along with senior roles at MLC and NAB.
HUB24 noted that Mr Higgins will work closely with Mr Rogan to ensure a smooth transition, with Mr Higgins intending to remain a shareholder in the firm.
“On behalf of the HUB24 board, I’d like to thank Mr Higgins for his remarkable leadership and commitment to the HUB24 Group during his tenure, he leaves behind a strong legacy,” commented Mr Rogan.
“I am looking forward to continuing to work with my colleagues on the board and the HUB24 executive team to deliver value for our customers and shareholders and position the company for future growth.”
Additionally, HUB24 confirmed that Rachel Grimes, who joined the board as a non-executive director in May this year, will take up the role of chair of the audit risk and compliance committee once Mr Rogan becomes chairman.
HUB24 will hold its AGM in Sydney on Thursday, 16 November.
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.