MLC has appointed former Perpetual managing director Geoff Lloyd as its new chief executive, after NAB announced its decision to depart the wealth management space.
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."
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The government has announced a post-implementation review of the removal of the stamping fee exemption.
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