Netwealth chair to retire, successor appointed

Netwealth chair Tim Antonie, who's served as chair of the wealth management platform since February 2021, will retire from the board at the end of August.

Antonie's successor is a former Future Fund board member who was appointed as an independent non-executive director at Netwealth on Tuesday.

Michael Wachtel, who spent nine years at the sovereign wealth fund, will take the reins.

Netwealth said his appointment now is intended to "allow for an orderly transition."

Wachtel had a 35-year career in the professional services industry, including as chair for Asia Pacific and Oceania at Ernst & Young (EY), member of the EY Global Governance Council and Global Risk Executive Committee, and later as a non-executive director.

Wachtel is currently deputy chair and a non-executive director of eco-friendly packager PACT Group and a non-executive director of Seek.

He also serves on the board of St Vincent's Medical Research Institute.

He was also at one time a director of the Australian Centre for the Moving Image (ACMI), president of the International Fiscal Association (IFA Australia), formerly a member of the Tax Advisory Board of the University of Melbourne Law Faculty and a visiting Fellow in its Master of Laws Tax Program.

Antonie said he is an accomplished leader with extensive board and business experience.

"His addition strengthens our board's mix of skills and experience, and we look forward to his valuable contribution to Netwealth as I transition my responsibilities to him..." he said.

Meantime, reflecting on Antonie's tenure, Netwealth founder Michael Heine noted that since his appointment as a director, the firm's funds under administration had grown from $7 billion to $104.1 billion as of March 31 and that staff numbers increased to over 660.

Heine also said that Antonie's banking experience was beneficial to the firm's ASX listing.

"His leadership and guidance during that period were invaluable," he said.

"On behalf of the board, staff and shareholders of Netwealth I thank Tim for his dedication and service to the company over a long period of time. I can say we will miss his leadership and guidance and wish him well for all that he undertakes in the future."

Antonie said his retirement was driven by the decision to "free up considerable time" to pursue other interests and opportunities.