Bell Potter names new chiefs as Provan retires

The news: Bell Financial has named co-successors to steer the firm as more than four-decade veteran Alastair Provan retires as executive chair. Arnie Selvarajah and Dean Davenport are the brokerage's new co-chiefs executive, and Provan will continue to serve on the board as a non-executive director.

The numbers: Bell Financial, the parent company of Bell Potter Securities, Bell Commodities, Bell FX and Bell Direct, employs more than 750 employees and has more than $74 billion in funds under advice, the Australian Financial Review reports. It was founded in 1970 as a commodities trading firm and was listed on the ASX in 2007. BFG shares were trading 0.5% lower at 12:10pm AEDT, fetching $0.92.

The context: Selvarajah was previously the chief executive of Bell Direct since 2008, while Davenport rises from two decades as group chief financial officer and chief operating officer. Bell also announced changes to its board, with former Financial Investment Review Board chair Brian Wilson named as independent chairman and Andrew Bell joining the board to represent major shareholder Bell Group Holdings.

What they said: "I am proud of the company that we have built and I have complete confidence in our senior management team," Provan said in an ASX announcement.