investor daily logo

Sequoia chair steps down

By Laura Dew
2 minute read

Sequoia Financial Group has seen a top-level reshuffle as the chair of the board, John Larsen, steps down after five years.

Larsen joined the board as a non-executive director in February 2018 and was subsequently appointed as chair in March 2019.

He will now step down from the chair position but remain on the board as a non-executive director and as chair of the audit committee.

In an ASX statement, the firm said: “We extend our sincere appreciation to John for his dedication and contribution during his five-year tenure.”

Prior to joining the board, Larsen had worked at Huntley Investment Company, ING and Deutsche Bank Australia.

Taking his place as chair will be non-executive director Charles Sweeney, effective from 18 April.

Sweeney has sat on the board as a non-executive director since March 2019 and is currently the chair of the risk and compliance committee and a member of the audit committee.

He has a legal background and is currently a managing partner at Cooper Grace Ward in Brisbane where he has worked for the last 17 years.

In the firm's most-recent financial results, it announced an "abnormally high" net profit after tax (NPAT) of $27.8 million, an increase of more than 4,000 per cent on the previous year.

In its results for the six months to 31 December, the firm attributed the increase to gains on the divestment of 80 per cent of Morrison Securities which it sold to digital wealth management platform New Quantum.

In the prior corresponding period, Sequoia reported NPAT of $0.6 million.

During the six months, it also acquired Castle Corporate Pty and Castle Legal Pty in August and Australian Business Structures Ltd in December and forecast more acquisitions to come.

Revenue was $62.8 million, up 43.7 per cent from a year ago, and some $50.9 million of this came from its licensee services division.