Kinetic Super chief executive Andrew Barnett has stepped down after just eight months in the role citing ill health.
In a written statement provided to Investment Magazine the fund confirmed that Barnett, who was appointed chief executive in May 16, 2016, resigned due to health reasons last month.
Member representative director Katherine Kaspar replaced Barnett as chief executive of the $3 billion industry fund on November 14, 2016.
Kaspar told Investment Magazine she would be stepping down from her role as director during her term as chief executive, but did not give an exact date. She added that because of obvious potential conflicts on interests she had not been privy to the board’s discussions on her appointment.
She is a financial services lawyer who has advised some of Australia’s largest trustee companies, including NAB, AXA, Colonial and UBS.
“Ms Kaspar brings a wealth of experience across financial services and corporate law – as well as her many years serving on the Kinetic Super Board,” Kinetic chair Frank Gullone said.
Kaspar was first elected to the Kinetic board in 2010. She has chaired the risk management committee and was a member of the insurance tender committee. She is a member of the Australian Institute of Company Directors.
Gullone said Kaspar had previously held the position of acting chief executive and had an “intimate understanding” of the fund and the industry.
When asked what she anticipated her key priorities would be over the next three years Kaspar pointed to a focus on member growth.
“Growth and retention has been the cornerstone of our fund for quite some time and will continue to be so,” she said.
Gullone thanked Barnett for his contribution to Kinetic during his tenure and wished him the very best for the future. Kinetic Super is a public offer fund that was founded in 1992 as an industry fund for the recruitment sector.