Perpetual Corporate Trust will have a new group executive from October, ahead of the planned departure of a 25-year Perpetual veteran.

Chris Green, the current general manager of trust and fund services, becomes group executive ahead of the departure in December of Phil Vernon. Prior to joining Perpetual in 2006, Green was at JP Morgan for about 10 years, most recently as business head of institutional trust services in Australasia.

Vernon, who plans to pursue other business interests, had recently restructured the Perpetual corporate trust business, expanding in mortgage service and looking at initiatives to re-open the securitisation markets. David Deverall, Perpetual managing director, said Vernon would leave a significant legacy at the firm of which he had been a part for more than 25 years.