Michael Pennisi, QSuper’s long serving chief strategy officer has been appointed as the group’s new chief executive.
Pennisi who was the main internal candidate for the role has been confirmed just six weeks after Vilgan announced her resignation.
He has spent close to 19 years at QSuper and has been responsible for setting QSuper’s strategic direction, marketing, communications, product development, customer intelligence and running the change portfolio office.
Karl Morris, chair of QSuper, said Pennisi had been chosen after a “robust recruitment process” and paid tribute to his responsibility in driving the fund’s strategy, product and services offerings.
“Michael brings 26 years of experience in senior executive roles with some of Australia’s largest superannuation funds, investment management and financial planning firms,” Morris said.
Previously, Pennisi was the managing director of corporate strategy at QIC and held senior roles at QInvest Limited (including as interim chief executive) where he drove a new strategy, advice model and implemented a suite of managed funds.
Pennisi said he was honoured to be appointed QSuper’s chief executive.
He said the future direction of QSuper would aim to meet members’ desire for financial advice throughout their lifetime, not just in retirement.
“We’re moving away from a one size fits all, to a more personalised approach. By getting to know our members better, we can provide financial advice that’s relevant and helps them with key financial decisions throughout their lifetime,” he said.
Pennisi will commence as chief executive on 26 October.
His role will be more extensive than most chief executives of superannuation funds. QSuper’s operations involve a wholly-owned financial advice business, mortgage broking services, self-underwritten insurance products, tailored administration platforms and systems and the management of end-to-end administration.