Last week, the firm announced all three of its non-executive directors, Andrew Coleman, Claire Bibby and Susan Wynne, had resigned effective from 16 October.
Wynne joined in September 2021, Bibby joined in October 2021, and Coleman, who is the chief executive of Teaminvest Private Group (TIP), joined in January 2024.
Now the three have departed, the firm has announced four new appointments which will “strengthen its leadership team and enhance value for clients and shareholders”.
Current chief investment officer, Will Riggall, will join the board as a non-executive director, while tax lawyer Henry Davis has been appointed as a non-executive director.
Riggall has worked at Clime since January 2022, but the firm said his promotion to the board will “further align Clime’s strategic initiatives with shareholder interests”.
It also appointed a financial adviser, Matt Rencken, who has stepped up to manage the private client team as well as establish a new wholesale distribution and key accounts team.
Finally, lawyer Angela (Xun) Wang has been appointed as joint company secretary, and she will work on Clime’s governance and operations.
The four appointments come amid a time of heavy cost-cutting and expenses reduction at the business.
“In the past three months, Clime has made significant strides in reducing executive overhead, strengthening the investment team, and enhancing supervision with the appointment of external specialists. These efforts have resulted in substantial cost reductions in insurance premiums, IT expenses and systems,” it said in an ASX statement.
Managing director Michael Baragwanath warned that no area of the business would escape scrutiny of this cost-cutting.
“Our major shareholders and I are in complete alignment that every expense in the business needs to be reviewed and reduced where possible. No area of the business escapes this scrutiny. We are committed to ensuring Clime is both a great investor for clients and a great investment for shareholders. This requires a high-performance and cost-effective team at every level.”
Earlier this year, Clime IM chief executive Annick Donat announced she would be departing from her role after three years in the position. She initially joined Clime in 2020 as the former CEO of Madison Financial Group, which was sold to licensee Infocus in June in a $2 million deal and was appointed CEO the following year in April 2021.
