Insignia shares drop after sudden CEO exit
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More news: Shares in Insignia Financial have slid more than 13% to $2.03 in early trading on the ASX after the wealth management giant announced its CEO Renato Mota would step down effective end-February 2024. It did not disclose reasons for the surprise departure but said it had commenced a search for its next CEO.
Insignia Financial scouting for new CEO
The news: Wealth manager Insignia Financial has announced it has reached mutual agreement with CEO Renato Mota for him to step down effective end-February 2024.
The numbers: Mota will depart after 20 years at the company, including the last five as CEO. Insignia said it had commenced a search for its next CEO.
The context: Mota’s term has been focused on an organisational transformation for Insignia, which has included the acquisition of the MLC business from NAB. But Insignia, formerly known as IOOF, has also lost two-thirds of its market value since 2018 when the banking royal commission heard evidence of misconduct by senior executives at the then-IOOF. The company said on Friday its board would withdraw a resolution at the November annual meeting seeking shareholder approval for the grant of performance rights to Mota. Information on his pay arrangements as outgoing CEO will be disclosed in the remuneration report.
The source: ASX announcement
