The financial services company announced Tim Antonie will retire from the board on 31 August 2025, following the release of its FY2024–25 annual results.
Antonie first commenced on Netwealth’s board in November 2015 as an independent director and subsequently became chair in February 2021.
Ahead of his departure, Michael Wachtel has been appointed as an independent non-executive director, effective 3 June, and will step up to the chair role on 1 September to allow for an orderly transition.
He will also be appointed as a member of the remuneration committee, people and corporate sustainability committee, and chair of the nomination committee.
With a 35-year career spent in the professional services sector, Netwealth said Wachtel brings considerable global business experience across organisational leadership, mergers and acquisitions, finance, risk management and governance.
He previously served as the chair of EY in the Asia-Pacific and Oceania region and was a member of the EY global governance council and global risk executive committee.
Wachtel also gained experience in global markets, geopolitical and monetary policy trends when he was a member of the Board of Guardians on the Future Fund. He is currently the deputy chair and non-executive director of manufacturer PACT Group Holdings and a non-executive director of recruitment firm Seek.
Commenting on Antonie’s departure, Netwealth’s founder, Michael Heine, noted the chair joined the company as a director when it had some $7 billion in funds under administration (FUA) and under 200 staff. Since then, Netwealth has climbed to $104.1 billion FUA and more than 660 staff, as at 31 March 2025.
“Tim has been instrumental in providing strong guidance, support and leadership to the whole Netwealth team on this incredible journey for which I am most grateful,” Heine said.
“Tim’s investment banking experience was most beneficial in our successful journey to our ASX listing in 2017. His leadership and guidance during that period were invaluable.
“On behalf of the board, staff and shareholders of Netwealth, I thank Tim for his dedication and service to the company over a long period of time. I can say we will miss his leadership and guidance and wish him well for all that he undertakes in the future.”
Remarking on his own departure, Antonie said: “I have very much enjoyed my time at Netwealth and will miss working with the board and broader team as it continues to drive Netwealth’s impressive growth trajectory.
“My retirement is driven by the decision to free up considerable time to allow me to pursue other interests and opportunities.”
In its quarterly results announced earlier this year, Netwealth’s FUA rose $2.5 billion from $101.6 billion in the previous quarter to $104.1 billion as at 31 March 2025.
This included FUA net flows of $3.5 billion, down 22 per cent from net flows of $4.5 billion in the December quarter, which were offset by negative market movements of $1 billion.
Its FUA net flows continue to be underpinned by “consistently high transition rates” from existing financial intermediaries, alongside strong conversion rates of new business from a range of client groups.
