Despite an extended holiday – courtesy of legal action from the banking regulator – IOOF managing director and avid golfer Chris Kelaher remains a most interesting business figure.
Embattled financial advice and wealth group IOOF Holdings'acquisition of ANZ's pensions and investments business,OnePath,has been further delayed.
There is speculation any court action will run for more than a year indicating IOOF boss Chris Kelaher leave period could be lengthy.
IOOF’s decision to put its chairman and chief executive positions on ice is a particularly bad judgment call.
Wealth manager IOOF Holdings'managing director and chairman have stepped aside following moves by the prudential regulator to disqualify them from managing superannuation funds
APRA's move to scrub out senior executives will reverberate around the $2.8 trillion superannuation sector.
Wealth giant IOOF under fire from shareholders and the regulator as legal action is taken over whether the chairman and ceo are fit and proper people to run a super fund. It also puts into question the purchase of ANZ's wealth management division.
The banking regulator is seeking to have a suite of senior IOOF executives and directors,including CEO Chris Kelaher and chairman George Venardos,banned from acting as superannuation trustees.
The IOOF board is reviewing whether to claw back some of the bonuses its paid executives over the years given what it calls"external events".
IOOF's plans to jack up the fees charged to ANZ's ultra low cost products raises fresh questions about whether the deal is in the best interests of members.
IOOF told the regulator it planned to replace the executive ahead of a Fairfax Media investigation into the company. An internal email tells a different story.