Colonial First State (CFS) has restructured its senior executive management team, resulting in Brian Bissaker's position as chief executive being made redundant.
As part of the restructure, CFS will separate its advice and CFS businesses, creating two new roles: executive general manager of advice and executive general manager of Colonial First State, a company email, obtained by InvestorDaily, said.
"As a result of these changes, the role of chief executive officer, Colonial First State is no longer required and Brian Bissaker will therefore be leaving the Commonwealth Bank Group," the company said.
"Brian was appointed chief executive officer in 2006, having joined Colonial First State in 2002.
"I would like to thank Brian for his substantial contribution to Colonial First State over the past 10 years."
In the interim, CFS marketing and distribution general manager Linda Elkins would assume responsibility for the remaining Colonial First State business units, the company said.
"Linda Elkins will continue to have responsibility for distribution and marketing. In addition, on an interim basis, Linda will assume responsibility for the remaining Colonial First State business units including client services, custom solutions, funding and alliances, product and channel development, strategy and fund services," it said.
Elkins would also act as CFS executive general manager, with an internal and external search for the Colonial First State role to begin shortly, it said.
CFS distribution general manager Marianne Perkovic would lead the advice businesses, including Count Financial, and be executive general manager of advice, it said.
It said the decision for the restructure stemmed from industry changes, and increased focus on growth across CFS's platform businesses and its advice businesses.
