The Australian Foundation Investment Company has announced the departure of chief executive Ross Barker, as well as the identity of his successor.
Ross Barker will leave the Australian Foundation Investment Company (AFIC) at the end of 2017 after 16 years as chief executive and managing director.
Mr Barker will be replaced by AFIC's current chief investment officer Mark Freeman, who has held the top investment role since 2007 and previously working for Goldman Sachs JBWere as a partner.
AFIC chairman Terrence Campbell said Mr Freeman is a "natural successor" to Mr Barker.
"[Mark] has a profound knowledge and depth of experience with investment markets and has a strong understanding of the company’s direction, policies and processes," Mr Campbell said.
AFIC promotes itself as Australia's oldest listed investment company, having been established in Melbourne in 1928. The company also provides investment and administration services to LICs Djerriwarrh, Mirrabooka Investments and AMCIL.
As CIO, Mr Freeman has had responsibility for all four LICs, which have a combined current total of $8 billion in funds under management.
Commenting on Mr Barker's upcoming departure, Mr Campbell said, "Ross leaves AFIC and the three other investment companies in a strong position.
"The board and management extend our warm wishes to Ross in his retirement, and thank him for his enduring leadership and significant contribution throughout his distinguished 16-year tenure at AFIC."
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