DKN Financial Group chief executive Phil Butterworth plans to explore other opportunities within the financial services industry after he leaves the company this week.
"I just think it's been a successful journey and a successful transaction," Butterworth told InvestorDaily.
"And at a personal level it's now time to explore other opportunities and I wish the IOOF group well for the future and that's really the short of it."
Butterworth announced yesterday he had decided to leave the company, following the merger of IOOF Holdings and DKN.
IOOF Holdings agreed to purchase DKN for 80 cents per share earlier this year.
Lonsdale chief executive Mario Modica will now report directly to IOOF managing director Christopher Kelaher.
"Mario brings a wealth of financial services experience to the leadership group of IOOF, having served as CEO of Lonsdale since July 2000," Kelaher said.
"As the Lonsdale Group and related entities enters a period of expansion under the ownership of IOOF, Mr Butterworth leaves the company with a stable management team in place and exciting new growth prospects."
Butterworth became DKN's chief executive in 2006 and navigated the firm through a series of acquisitions, including that of full-service dealer group Lonsdale Financial Group in 2007.
Under his leadership, DKN used its scale to negotiate a range of quality products and services that advisers need to run a successful and profitable practice, including platform and product solutions, acquisition and succession planning, and licensee solutions.
