IOOF Holdings has appointed Renato Mota as chief executive nearly seven months after he stepped into the role on an interim basis amid a management clearout following the financial services royal commission.
The troubled wealth manager, which was one of the more notable firms dragged over the coals at the inquiry, says Mr Mota would also join the IOOF board as managing director.
IOOF chairman Allan Griffiths says the appointment of Mr Mota “marks a new era as we reset the business and focus on the future”.
“Renato’s mandate will be to continue the change program he commenced as acting CEO, to re-shape our business and adapt our culture and capability to suit the evolving wealth management environment,” Mr Griffiths said.
Guildlink chairman Andrew Bloore has also been appointed as an independent non-executive director.
IOOF lost more than 50 per cent of its value in 2018 as it was hit with various allegations of misconduct at the royal commission, with subsequent regulatory intervention and class action claims.
APRA imposed additional licence conditions on IOOF in December after the inquiry heard evidence the company had failed to act in the best interests of its superannuation members.
Both managing director Christopher Kelaher and chairman George Venardos stepped down before the inquiry’s findings were made public after APRA had made a move to have them disqualified.
IOOF shares hit a near decade low of $5.03 in January but have since lifted 6.2 per cent to $5.32 before market opened on Tuesday.