Sequoia chair steps down

The chair of Sequoia Financial Group, John Larsen, has resigned from the position and his replacement has been appointed.

Larsen's last day as chair was April 18 following five years at the post. He will stay at Sequoia as a non-executive director and chair of the audit committee.

Larsen is the former chair of Odyssey Funds Management, leading the board between 2002 and 2009.

He was previously on the investment committee of Huntley Investment Company and is a former group investment manager at ING.

Charles Sweeney took on the role of chair as of yesterday.

Sweeney is a managing partner at Cooper Grace Ward's corporate and commercial group and has been with the law firm for over 17 years.

His legal experience covers general commercial advice to clients that include corporate advisory, and intellectual property and information technology.

Sweeney has been a Sequoia non-executive director since 1 March 2019. He is currently the chair of the risk and compliance committee and a member of the audit committee.

Separately, Tim McGowen recently slapped a defence and counterclaim on Sequoia in the Supreme Court of Victoria.

McGowen is the managing director of Informed Investor, ShareCafe, and Corporate Connect Research - all of which Sequoia acquired in 2022. These companies provide media, research, digital distribution and technology services to advisers and investors.

McGowen is counterclaiming damages of more than $1.1 million, the bulk of which Sequoia said "comprises the deferred consideration that Sequoia did not issue Mr McGowen in light of the claims Sequoia has raised against Mr McGowen."

On February 6, Sequoia sued McGowen in relation to its acquisition of Informed Investor from the latter and others pursuant to a share purchase deed dated 29 March 2022.

"Sequoia alleges that Mr McGowen has breached various warranties and provisions of the Share Purchase Deed and is seeking damages in the order of $3.5M," Sequoia said.

An article in the AFR states that Sequoia refused to pay another 3.2 million shares to McGowen due in February 2023 and other staff members on the basis that ShareCafe and other entities failed to meet gross revenue earnout targets.