Australian Ethical chief executive to depart

The managing director and chief executive of Australian Ethical is stepping down after nine years in the role.

Phil Vernon joined Australian Ethical from Perpetual in 2009 and has overseen substantial growth of the Australian Ethical superannuation fund and ethical investment offering.

Steve Gibbs, chair of the Australian Ethical board, will be acting chief executive following Vernon's departure at the end of August.

Vernon said: "I am proud to have been part of such a special company that has been at the forefront of responsible investing and the profit with purpose movement in this country."

"After nine years at the helm I feel now is the right time to hand over to fresh leadership to take Australian Ethical to the next level.

"I leave the business in the hands of a very strong team who are perfectly positioned to help the growing number of Australians who want to use their money to do good."

Gibbs thanked Vernon on behalf of the board.

"I wish to extend my sincere thanks and gratitude to Phil for his significant contribution to Australian Ethical," he said.

"He has led the organisation through unparalleled growth and success over the past decade."

During Vernon's tenure Australian Ethical increased funds under management from about $600 million to $3.13 billion across super and managed funds.

In addition to its ethically driven super and wealth management business, the Australian Ethical Foundation manages the organisation's community grants program and has delivered more than $3 million in support to community organisations and charities in Australia and overseas.

"It has been an honour to have worked with so many inspiring people both within the company and throughout the industry who are dedicated to reshaping the financial system and making the world a better place," Vernon said.

Recently, Vernon spoke to Financial Standard about the remarkable growth of Australian Ethical and how his personal ethics informed his career.

Read more: Australian Ethical FoundationFinancial StandardPhil VernonSteve Gibbs
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