AUB shares lift as CFO Mark Shanahan departs
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The news: Shares in insurance broker AUB Group opened higher as the company announced that chief financial officer Mark Shanahan had left the business and non-executive director Richard Deutsch retired from the board.
The numbers: At 10:26am AEST, shares in AUB Group had lifted 0.3% to $33.98.
The context: Current group deputy CFO Nick Dryden has moved into the CFO role on an interim basis, effective today, while a search for a permanent replacement is undertaken.
Shanahan joined AUB Group as CFO in 2018, moving from his role as Australian Ethical Investment’s CFO and chief operating officer. He was also previously Macquarie’s chief financial officer for the baking and financial services group.
Meanwhile, Deutsch had been on the board since 2022 and has decided to leave for “personal reasons”. On Monday, it was also announced that Deutsch had resigned from the board of Bendigo and Adelaide Bank for personal reasons.
Tonianne Dwyer will replace Deutsch as chair of the board audit and risk committee.
What they said: “Richard has been an outstanding contributor during his tenure on the Board. On behalf of my fellow directors, I want to thank Richard for his service and wish him all the very best for the future,” AUB chair Peter Harmer said.
AUB CEO and managing director Mike Emmett said that Shanahan “played a pivotal role in strengthening AUB’s financial position, driving operational efficiencies, and supporting strategic growth initiatives”.
“I would like to personally thank Mark for his contribution over the years, which has been instrumental in positioning AUB for continued success,” Emmett added.
The source: ASX
