Former IWL chief Otto Buttula has emerged as the potential new executive chairman of Findlay Securities (Findlay).
Buttula left the financial services spotlight following the sale of IWL to Commonwealth Bank of Australia (CBA) late last year.
Buttula is expected to be voted on as Findlay Securities executive chairman following shareholder approval.
Buttula’s appointment would see incumbent executive chairman, Ivor Findlay, assume a non executive director role.
“I look forward to building upon the foundations of the Findlay Securities business,” Buttula said.
“Having observed the business for some time, I have become a significant shareholder in the company and intend to see the company continue to grow via a major renewal, development and change agenda. Through a co-ordinated effort encompassing the current team of people as well as future recruits, I am determined to build a platform which will deliver long-term, sustainable value for all Findlay Securities stakeholders.”
If appointed, Buttula may be issued up to 10 million options in Findlay. Entities associated with Buttula already own 19.99 per cent of issued capital of the group.
If the total 10 million options are issued and exercised, Buttula and associated entities would own 30 per cent of Findlay’s expanded capital, assuming there are no further capital changes.
In November last year CBA purchased the whole of IWL for more than $370 million.
