CareSuper and Spirit Super have confirmed they are on track to deliver on their merger later this year.
The merger is expected to take effect from 1 November and the newly formed entity will be called CareSuper.
Explaining the name change, current CareSuper chair, Linda Scott, said: “While this is a true merger of equals, both funds decided it was in the best interests of members to call the fund CareSuper to take advantage of strong recognition for the name, which has been in the market since 1986.
“Elements of the Spirit Super brand identity will be retained to highlight our shared national heritage and member focus, including Spirit Super’s distinctive logo which enjoys strong and positive recognition amongst its membership.”
The funds first announced they were exploring a potential merger in November 2022 and subsequently entered into a memorandum of understanding.
Following an extensive due diligence process, Spirit Super and CareSuper entered into a binding agreement to merge in June 2023.
At the time, they flagged the merger was expected to be completed in late 2024, with the combined entity to be chaired by Linda Scott.
Jason Murray, chief executive of Spirit Super since February 2022, would become the CEO of the combined fund.
From 1 November 2024, the rest of the designated executive team will comprise:
· Will Sadler as chief risk officer
· Sam Horskins as chief financial officer
· Ningning Lyons as chief strategy officer
· Suzanne Branton as chief investment officer
· Kathleen Crawford as chief operating officer
· Robyn Judd as chief people officer
· Jean-Luc Ambrosi as chief member officer
· Simon Reiter as chief technology officer
Commenting on the merger update, Spirit Super CEO Murray confirmed members and stakeholders “will be kept informed as the merger progresses”.
“We’re moving forward confidently to deliver even greater products, services and experiences for our collective membership.”
