The changes in senior management continue at FuturePlus Financial Services with the sudden exit of its investment chief, Michael Block, last week.
News of the sudden departure of Block, FuturePlus’ general manager of investments, followed other changes in senior staff.
In recent months, CEO Richard Powis moved to parent company Energy Industries Superannuation Scheme (EISS) and the Madeline Dermatossian, general counsel and company secretary, took his place.
Both FuturePlus and Block declined to comment on the developments, and neither Dermatossian or FuturePlus chairman Bernie Riordan returned calls made by I&T News.
As a result, it was not clear who within the company would handle the investment portfolio in Block’ absence, particularly since the next most senior investment manager, Chris Drew, was away overseas. FuturePlus provides investment and administration services to EISS.
Powis’ move to EISS comes after a contentious plan to merge EISS with NSW Local Government Super (LGS) ended in acrimony last year.
In February 2010 there was a failed attempt to remove Powis from his role as CEO of Future Plus while he also headed EISS.
The CEO survived a board vote to remove him amid allegations he had attempted to broker a merger of EISS and LGS without the latter being informed of the plan.