Michael Seton, chief executive officer of the $4 billion Military Super, will leave the fund in mid-November following its merger with the Commonwealth Superannuation Corporation (CSC).
Seton will seek a new job in Melbourne now that the integration of the Canberra-based Military Supers assets and staff with those of the $20 billion CSC is “now either complete or well underway” following the July 1 merger, he wrote in an e-mail.
“I have decided that the time is right to seek a new role back in Melbourne where my family and I currently live,” Seton wrote.
Tony Hyams, chairman of the CSC, could not be reached for comment about whether a replacement for Seton will be sought.
Seton replaced Paul Watson as chief executive of Military Super on September 29, 2010, and commuted interstate each week for the job. He was previously chief executive of the $4.3 billion AGEST, which is based in Melbourne, for eight years.
In addition to integrating Military Super into the CSC, which was flagged by the Government in 2008, Seton oversaw the appointment of Towers Watson as investment consultant to the fund.