Sequoia Financial chair resigns

Sequoia Financial chair Michael Ryan has stepped down from the embattled financial services firm, effective June 16.

"Mr Ryan's resignation reflects the expansion of his other current board responsibilities, which impact upon the time available for his continuing role of the Sequoia board in the future," Sequoia said.

"Mr Ryan will remain available to the board to assist with an orderly transition and handover."

The board recognised Ryan's contributions to the company during his tenure. Ryan has been chair of Sequoia for less than two years.

The board said it would provide further information about succession in due course.

This comes after Sequoia advised the payment date for the previously declared interim dividend will be delayed from May 15 to June 3.

The interim dividend was previously delayed pending the proposed sale of InterPrac to Conquest Investment Partners; however, the sale agreement was ditched May 1 following ASIC's concerns over the transaction.

At the time, Sequoia said the two parties failed to satisfy all the conditions within the required timeframe.

However, Sequoia now says Conquest has disputed the termination of the agreement.

"On 7 May 2026 the Federal Court adjourned the case management hearing regarding the ASIC proceedings to allow the parties an opportunity to confer regarding the status of the Agreement, due to the purchaser disputing the termination of the agreement by the seller," the Sequoia board said.

"The next case management hearing is scheduled for 29 May 2026. ASIC has subsequently requested the parties confirm the status of the agreement by 18 May 2026 or otherwise seek declarations from the court regarding the effect of the purported termination and the status of the agreement."

Sequoia said its position remains that the agreement has been terminated.