IOOF names new chief executive

IOOF has appointed a permanent chief executive and managing director.

Acting chief executive Renato Mota has been appointed to permanently lead the embattled wealth manager through a significant period of upheaval.

The wealth firm also appointed Mota as managing director on the IOOF board, charging him with a mandate to "reshape" the business within an evolving wealth management environment.

Explaining the appointment, IOOF chair Allan Griffiths pointed to Mota's recent record leading the firm, highlighting the "clear direction" he established for IOOF since taking on the acting chief executive role in the wake of former managing director Chris Kelaher, who APRA sought to disqualify in December.

"The robustness of our succession plan enabled us to appoint Renato to the role of acting chief executive in December 2018. Since then, Renato has created a clear direction for our business and our people, demonstrating an unwavering commitment to restoring trust through setting higher expectations," Griffiths said.

"Renato has a track record over a number of years in leading IOOF through a series of forward thinking, strategic initiatives. These include the development of our advice-led strategy; the introduction of our ClientFirst transformation, which began in 2015; and establishing our Advice Academy from 2016."

Mota will now undertake a full review of the firm's senior management, "to ensure it is culturally aligned" and has the capabilities that reflect its "higher organisational ambitions and expectations".

The firm claims it is well into its transformation, pointing to board renewal as an example.

Alongside Mota's appointment the firm also announced Andrew Bloore would take a seat at the board.

Bloore already sits on the board of three IOOF subsidiaries; IIML, AET and IOOF, and according to the firm has played an "integral role" in ensuring the firms met their applicable APRA licence conditions.

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