Greg Camm, the chief executive of Australia’s biggest superannuation back-office company, says he will quit at the end of August, the Australian Financial Review reported.
Citing a letter written by Camm, the newspaper says the CEO is leaving when his contract expires as he is unable to commit to another four or five years at Superpartners.
“Given the volume and pace of change we are entering, the board wants someone to commit to steer the ship for the next four to five years, and given my age and ambitions, I’m not able to make that commitment,” the paper quoted Camm as writing.
Superpartners has begun to switch its superannuation fund clients to a new administrative platform. The total bill for the new administrative platform is $200 million, almost three times its original cost estimate as the delivery of the project, originally scheduled for 2010, has been delayed until 2013, according to the paper.
Superpartners confirmed Camm’s scheduled departure but did not give any more details.
It was 4-5 years of getting knowhere and smoke screens. How the Board even believed his BS was beyond me. And then he just left….
You have to seriously question the competency of both the executive and Board (as well as indirectly the shareholders) who have thought up to now that the time and budget blowout would be worth, as this article implies, potentially offering Camm another 5 years to waste indirectly the members money of funds that use Superpartners. It also raises the point as to why the government did not endorse regulating administrators by Apra. Money does not grow on trees and someone will pay.
Greg Camm and the SuperPartners board should be recognised for their great contribution to outsourcing Australian jobs to India.