SFG Australia’s chief financial officer has jumped ship to CBA following the announcement of IOOF’s intention to acquire the company last month.
Linda Fox, who holds the dual roles of CFO and company secretary, will leave SFG Australia (SFGA) on 11 July to take up a position with the Commonwealth Bank.
Ms Fox will be replaced as chief financial officer by Andrew Crowther, who will commence the new role from 10 June 2014.
SFGA said the appointment of Mr Crowther will “assist with the completion of the transaction with IOOF”.
IOOF announced earlier this month it had entered into an agreement to purchase all of the shares of SFG Australia for a total of $670 million.
Mr Crowther has worked across a number of finance roles for a range of listed and unlisted companies, including chief financial officer and general manager of finance at Colonial First State.
SFGA head of legal Jonathan Swain has been appointed to succeed Ms Fox in her role as company secretary from 11 July 2014.
Managing director of the financial advice and wealth management firm Tony Fenning thanked Ms Fox for her contribution to the firm during the past seven years and said she had played an integral role in the growth of SFGA, particularly in regard to the many acquisitions undertaken by the group.
“On behalf of the board and the whole team at SFGA, I thank Linda for her efforts and I wish Linda all the best in her new role at CBA,” said Mr Fenning.
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