WILSON HTM (WIG) managing director Andrew Coppin (pictured) has stood down to consider a buyout of the company’s securities business.
Alexander (Sandy) Grant has been appointed acting CEO. Grant has held several leadership roles within the group, including a directorship of the group between 2004 and 2007, and is currently head of Priority Funds and a director of Pinnacle Investment Management Limited.
Chairman Steven Skala says Grant is expected to perform well, assisted by the executive leadership team including Karen Penrose as CFO and Ian Macoun as chairman and managing director of Pinnacle Investment Management.
“Sandy Grant is a respected leader in our business with a breadth of experience,” says Skala.
“He has worked in the stockbroking and wealth management industries for more than 30 years and joined Wilson HTM in 1992.”
Coppin’s resignation is unrelated to allegations of inappropriate behaviour made against him by two former employees. An independent investigator commissioned by the Board has cleared him of the allegations after finding them to be unsubstantiated.
Coppin resigned separately, effective immediately, to avoid a potential conflict of interest after expressing interest in a buyout of the brokering arm.
His resignation follows the retirement of Steven Wilson AM on June 30. Wilson has continued as a non-executive director of WIG, a director of Pinnacle Investment Management Limited and chair of the WIG Priority Funds Investment Committee.
The company was in a trading halt from July 1 until today. The market has responded positively to the announcements, rising 18.9 per cent today to 22 cents per share.
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