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Ex-AFS chief to sue for unfair dismissal

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By Reporter
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2 minute read

Peter Daly has filed an unfair dismissal case against his former financial services company.

Former AFS Group chief executive Peter Daly has filed an unfair dismissal case against his former employer after being ousted late last month.

Daly told InvestorDaily he instructed his solicitors to file the suit against AFS immediately after being informed by the AFS board of his dismissal on 21 May.

"It will be against the company and for wrongful dismissal," he said.

"There has been no correspondence between [parties], all has been left in the hands of solicitors. It's very disappointing and I'm basically left now to go through the process."

He said the suit was seeking financial compensation regarding the entitlements a chief executive would receive after departing a job.

AFS chairman Barry Stephen said he was unaware of any unfair dismissal action against the group from Daly.

However, Stephen said if such a suit did arise, the company would defend all claims.

Daly was forced out of AFS Group on 21 May after the company's non-executive directors and Daly failed to agree on the dealer group's future direction.

As previously reported by InvestorDaily, Daly's departure was announced in an email to all AFS principals and AFS staff.

In the email, Stephen said Daly left his position as company chief and managing director effective immediate.

"Peter Daly has left the company effective immediately as we could not agree a way forward together," Stephen said in the email at the time.

"We acknowledge the contribution that Peter has made to the company over the past eight years and wish him well for the future. Phil Burke will take over as acting [chief] whilst we seek a successor.

"The board remains committed to organic growth. There are no plans for any further staff changes."

Daly and the AFS board faced pressure to make changes to the company since December last year when founding AFS shareholder and ex-company director Peter Conacher called for Daly's removal as chief.