Steadfast CEO Robert Kelly to retire, successor to be named by August
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The news: Steadfast CEO and managing director Robert Kelly has advised the board of his intention to retire, according to a company statement released Monday evening, with a successor to be named by August this year.
He will remain on the board and transition to a non-executive director role following his retirement.
The context: Kelly co-founded the Steadfast Group in 1996 and led the company’s listing on the ASX in 2013.
The group said that Kelly’s retirement follows succession planning discussions which have been underway for some time.
The board has appointed Spencer Stuart to support lead the search process for Kelly’s successor.
The announcement comes less than six months after Kelly temporarily stepped aside amid an investigation of a workplace complaint, on the eve of the company’s annual meeting. Shares in the company plunged on the revelations, prompting Steadfast chair Vicki Allen to stress that the insurance broker remained an “excellent business".
Allen told Capital Brief the board “can’t control the nature of the timing of the complaint” and that it had “acted responsibly” by notifying the ASX.
Kelly was reinstated in his role by mid-November following the conclusion of an external investigation into the complaint. Steadfast did not disclose any details around the complaint.
The source: ASX
