Darren Pettiona will step down as chief executive of Investorfirst to focus his attention on the company’s investment platform, HUB24.
In a statement to the Australian Securities Exchange on Friday, Pettiona said he has informed the Investorfirst board of his decision to step down from both his chief and managing director duties.
He will instead assume the role of head of HUB24 and adviser group relationships.
In his new position, he will be responsible for executive leadership of strategic partnerships with dealer groups and other financial institutions, the statement said.
The change in roles will allow Pettiona to focus on “accelerating HUB24’s commercialisation”, it said.
“The board supports Darren’s decision as a logical move given the strong growth/transition phase that HUB24 is embarking upon, particularly with the imminent launch of its superannuation and pension product,” the statement said.
“Mr Pettiona will continue to be employed under the same financial terms adopted at the time of the HUB24 acquisition and will remain an executive director of the Investorfirst board in addition to continue being a substantial shareholder of the company.”
Investorfirst purchased HUB24 in October 2010 for $20 million.
As part of the deal, Pettiona, HUB24’s former managing director, became the managing director of Investorfirst.
Pettiona will now be replaced as chief by Investorfirst chief operating officer David Spessot.
Spessot will be formally appointed as company chief and managing director in October this year.
Commenting on the reshuffle, Investorfirst executive chairman Otto Buttula said: “Overall, we believe this new structure will allow for a more focused, business-unit aligned executive management structure able to simplify and strengthen our client relationships and also better prepare the business for the strong growth being experienced, hence benefitting all stakeholders.”
Pettiona’s decision to step down is the second senior executive change for Investofirst in the past month.
In mid-March, Ariel Sivikofsky resigned from his position as chief operating officer with the listed financial services firm.
Sivikofsky who also held the position of joint company secretary, will finish up with Investorfirst in April.
In February this year, Investorfirst announced it has begun a strategic review to identify revenue-acceleration opportunities and ways to refine elements of the business.
The review was being conducted by an internal team led by Buttula and deputy chairman Jason Entwistle, the company said in its half-year report.
