Perpetual Ltd has named Tony D’Aloisio, a former Australian Securities Exchange chief executive and Australian Securities and Investments Commission commissioner, as its incoming chair to replace Peter Scott.
Scott will retire from 31 May, 2017. He was appointed to the Perpetual board in 2005, becoming chairman in October 2010.
Perpetual chief executive Geoff Lloyd has held the role since August 2010.
The board leadership renewal plan comes as major national newspapers are reporting that Perpetual is mulling a potential purchase of rival wealth management firm IOOF Holdings. Such a merger would create a $4.82 billion listed superannuation and wealth manager.
In a statement released to the ASX on Tuesday Perpetual said Scott had agreed to the five month handover period with his successor to “ensure continuity” in the role.
D’Aloisio said Scott had “done an outstanding job” and he was “eagerly anticipating” their time together during the transition.
Scott said it had been a “great privilege” to serve as chair of the $2.17 billion ASX-listed firm.
“It is an outstanding Australian company with strong values reflecting its deep fiduciary heritage,” Scott said.
“The company and its shareholders and clients will benefit from his leadership and experience across investment markets, regulatory affairs and technology, which make him an ideal fit for Perpetual”.
D’Aloisio is already chair of $1.9 billion ASX-listed financial markets software firm IRESS and a director of corporate restructuring and insolvency firm PPB Advisory.
He is also President of the Winemakers’ Federation of Australia and the owner of Oakridge Wines in the Yarra Valley, Victoria.
Superannuation board structure and performance is one of the topics that will be discussed at the Investment Magazine Chair Forum in Healesville, Victoria, January 2017. Register at chairforum.com.au or contact Emma Brodie via [email protected] or +61 9227 5708.