Platinum shares gain after board changes, new CEO
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More news: Shares in Platinum Asset Management are up 1.3% to $1.32 after the investment manager said co-founder Andrew Clifford and directors Elizabeth Norman and Andrew Stannard would step down from the board, and announced the appointment of McKinsey veteran Jeff Peters as its new CEO.
Platinum appoints Jeff Peters as CEO
The news: Troubled investment manager Platinum has appointed industry veteran Jeff Peters as its new CEO to replace co-founder Andrew Clifford.
The numbers: Peters, who will take up the role after his working visa is granted, previously ran McKinsey’s asset management practice, and has led the institutional and international businesses of Columbia Threadneedle Investments and Putnam Investments. Platinum shares are down 26% so far this year.
The context: The change in guard follows Platinum’s recent decision to separate the roles of CEO and CIO role previously held jointly by Andrew Clifford, who announced in August he would step aside as CEO. Clifford will continue as CIO, Platinum said, while Elizabeth Norman and Andrew Stannard will also step down from the board. Platinum shares have lost ground this year, amid fund outflows in a competitive market.
The source: ASX announcement
