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Over six months after severe criticism from the Australian business regulator IOOF has appointed a new CEO.
Renato Mota (pictured) has been appointed as CEO and managing director of the business as part of sweeping reform across the company's board.
The changes to the board also involve the appointment of Andrew Bloore as an independent non-executive director at IOOF.
Mota's appointment follows the resignation of IOOF managing director Chris Kelaher after the Australian Prudential Regulation Authority (APRA) brought legal action against the financial services company.
APRA announced in December 2018 that it was taking legal action to disqualify IOOF employees from running a superannuation fund, including Kelaher, chairman George Venardos, CFO David Coulter, company secretary Paul Vine and general counsel Gary Riordan.
While Kelaher and Venardos stepped down, the other three employees remained in their positions but with no management responsibilities for IOOF trustee companies and "no engagement at all" with APRA for the time being.
Recently appointed IOOF chairman Allan Griffiths says the appointment of Mota marks a new era for the company.
"The robustness of our succession plan enabled us to appoint Renato to the role of Acting CEO in December 2018," says Griffiths.
"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."
Mota has over 20 years' experience in financial services, especially within IOOF.
Prior to his appointment as interim CEO Mota was IOOF's group general manager of wealth management. He has also held other executive positions in the company such as general manager of distribution, investor solutions, and corporate strategy and communication.
Before joining IOOF Mota worked for Rothschild and NAB in a variety of corporate finance roles with a focus on M&A.
Mota says he is excited to lead IOOF and do a better job at looking after clients' interests.
"I am excited by the opportunity to lead the next phase of IOOF's transformation and continue to build an advice-led business, serving our clients' and members' interests through a deeper understanding of their needs and those of their communities," says Mota.
"It is clear to me that we have a talented group of dedicated people who are committed to setting higher standards for ourselves and to building an organisation that epitomises our purpose in serving clients and members."
The appointment of Andrew Bloore is part of sweeping changes to the management of IOOF, a process that the company is in the midst of.
IOOF says that it aims to appoint another non-executive director in "the near future".
The financial services company is currently embroiled in a class action law suit brought by Quinn Emanuel Urqhart & Sullivan.
The class action is part of the industry-wide fallout from the Royal Commission into the banking and finance sector, and sees Quinn Emanuel alleging that IOOF breached its duties.
The law firm alleges that IOOF's conduct breached its continuous disclosure obligations under the Corporations Act, ASX listing rules, and engaged in misleading or deceptive conduct, which resulted in shareholder paying an inflated price for shares in the financial services business.
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