(Adds background APRA action and chairman comment)
June 25 (Reuters) - Australian wealth manager IOOF Holdings said on Tuesday that acting Chief Executive Officer Renato Mota will take over on a permanent basis, six months after his predecessor stepped aside to fight regulator action.
Mota assumed the role on an interim basis in December when IOOF’s two top executives stepped aside to fight an unprecedented move by the prudential regulator to have them banned from running Australia’s second-largest wealth manager.
The Australian Prudential Regulation Authority (APRA) alleged that IOOF used pension customers’ funds to compensate investors for losses caused by the company, and also sought to disqualify several other top IOOF executives.
Allan Griffiths, IOOF’s newly elected chairman, said Mota’s appointment marks a new era for the company.
“Renato is the right person to refocus IOOF and restore trust with our stakeholders,” he said.
IOOF also appointed Andrew Bloore as an independent non-executive director and was looking to name another non-executive director soon, it said in a statement.
Reporting by Nikhil Kurian Nainan in Bengaluru; editing by Byron Kaye and Richard Pullin