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SFG CEO steps down for health reasons

SFG Australia managing director and chief executive Tony Fenning will take a period of immediate leave due to health reasons, with an interim CEO to be appointed.

In a statement to the ASX today, the listed financial services company - which is the parent company of Shadforth Financial Group - announced Mr Fenning will be stepping down from the role, expected to return at the end of January 2014, health permitting.

During Mr Fenning’s period of leave company chief operating officer, John Cowan, will be responsible for his duties.

Mr Cowan first joined SFG Australia as head of product, services and business acquisitions in May 2012, and was appointed as chief operating officer in November 2012.

Prior to this he was head of financial services for Crowe Horwath Australasia where he was responsible for leading and growing the financial services business including planning, risk and general insurance, lending and finance, and self-managed super fund administration.

The Board and management wished Mr Fenning well in his recovery and expressed its sincere gratitude to Mr Fenning for his leadership and strategic guidance during 2013 as the company continued its growth ambitions and delivered solid performance.

SFGA Chairman Peter Promnitz thanked Mr Fenning for his tireless and innovative commitment to the company.

“He has the Board’s full support to devote the necessary time and focus to concentrate on his current health issues,” said Mr Promnitz.

“We wish him well with his recovery and look forward to him returning, as his health permits, to the Company in 2014.”