Hearts & Minds chief exits

Hearts & Minds (HM1) chief executive Brett Jollie will step down, having held the role for less than a year.

The board said it would restructure the leadership team, transitioning from a full-time chief executive role to a more "streamlined model".

As a result, Richard Howes will be appointed to a new part-time role of managing director as well as joining the board's Investment Committee and Conference Fund Manager Selection Committee, effective June 1.

Jollie will remain with HM1 until June 30 to oversee the transition.

"Richard is a globally experienced chief executive and director with over 30 years' experience in the financial services industry," the board said.

"His most recent executive role was as group chief executive of Challenger Limited, as ASX-listed asset manager and retirement income provider."

Jollie joined HM1 in December 2024. The board said since joining Jollie has undertaken a comprehensive review of the business and identified key opportunities to enhance the group's operations and strategic focus.

"On behalf of the board, I want to sincerely thank Brett for his leadership and the significant contributions he has made in such a short time," MH1 chair Chris Cuffe said.

"His efforts have strengthened HM1, identifying key enhancements that will result in a more efficient, streamlined business with reduced operational risk.

"Ironically, it is because of these improvements that we are now able to transition to a leaner leadership structure. We greatly appreciate Brett's impact."

Jollie added: "I am grateful to the board for the opportunity to lead MH1 and to contribute to its unique mission. In a short time, we're made significant progress in strengthening the business, streamlining operations, and positioning HM1 for the future."

"I'm confident that these enhancements will support the company's long-term success and purpose. I was to thank the board and the HM1 team for their support and collaboration, and I wish them the very best as they continue to add value to shareholders and provide meaningful support to medical research."

Cuffe added that the board was delighted to be welcoming Howes to the team.

"Over his 30-year financial services career, he has successfully managed and grown multi-billion dollar investment portfolios and investment product businesses. I am confident Richard will help us continue to improve our investment offering and to grow our impact."

Howes said he was honoured to be joining HM1, which he said "represents both an extraordinary philanthropic success story and a genuine innovation in terms of its investment proposition and process".