NAB has announced that former Perpetual managing director and chief executive Geoff Lloyd will lead MLC as NAB moves to divest its wealth management business, as announced in May 2018.
Perpetual announced Mr Lloyd’s departure as chief executive after five years in the role in November 2017.
Mr Lloyd’s appointment, announced this morning by NAB chief executive Andrew Thorburn, will be effective from 1 September 2018.
Mr Thorburn described Mr Lloyd as “a standout leader” and “the right person to lead through the transaction, establish a new standalone business and build it for the future”.
“Geoff has been in wealth management his entire career and has a vision and a passion for improving the financial prospects of Australians,” Mr Thorburn said.
“He is a highly regarded executive with a proven track record of delivery, having successfully driven a major turnaround program at Perpetual through a period of significant change.”
FFS, how many layers of management do they need? All this while 6,000 redundancies are in the pipeline
Is this the gent who was on the FSC at the time of Trowbridge and wanted to drive NIL COMMISSIONS on life risk. Just asking! Seems like MLC are still advocating NIL COMMISSIONS
Nothing against Geoff, but shouldn’t the appointment of a CEO be a decision for the new board of this slightly vertically integrated experiment? Makes me wonder what the expectation of the new entity will be when the relinquishing parent makes the most significant of hires……