Financial services firm OverFifty Group (OFG) is on the hunt for a new chief following the resignation of Chris Martin yesterday.
Martin will be replaced by OFG director John McBain as interim chief. McBain has a 12 per cent stake in the listed group.
“We are pleased to announce the appointment of Mr McBain to the role of acting CEO. His experience as an OFG main board director and as an executive director of our largest operating division will ensure the smooth continuance of day-to-day operations throughout the group,” OFG chairman Roger Dobson said.
McBain will also continue his executive duties within OFG’s property arm, Century Funds Management, alongside Century chief executive and head of property Jason Huljich.
The promotion of McBain to fill Martin’s shoes comes less than six months after the director sought legal action against OFG.
In October last year, while OFG conducted a strategic review of its business, McBain took legal action against the group.
McBain claimed the board denied him access to documents released by the company’s appointed strategic review adviser, Macquarie Bank.
He also believed the strategic review was a ploy to fast track the sale of the business rather than confront its financial difficulties.
In response to his litigation the OFG board said it had lost all confidence in him. A week later OFG shareholders voted for the removal of four directors, including company chairman Murray Chessell.
