The board of Perpetual Limited has appointed Geoff Lloyd as Chief Executive Officer and Managing Director, effective immediately, following Chris Ryan’s decision to step down.

 

Mr Lloyd has been Group Executive Private Wealth and Retail Distribution since joining Perpetual approximately 18 months ago. He previously served in senior leadership roles with BT and St George’s Wealth Management business as well as the Australian Securities and Investment Commission.

 

Mr Lloyd has been closely involved in Perpetual’s review of its overall business strategy, structure and cost base over the last twelve months.

 

Perpetual Chairman, Mr Peter Scott, said: “While Mr Ryan had executed some important business improvements after joining Perpetual in February last year, it had become clear that there were differences between Mr Ryan and the Board around emphasis and execution of strategy for the immediate and longer term.

 

“Over the weekend we agreed to disagree with Chris Ryan on these important issues and that he would leave Perpetual as a result.

 

Mr Scott said Geoff Lloyd was recruited to Perpetual as a potential future CEO.

 

“He has demonstrated his understanding of the Australian financial services market through the strategy he has put in place for the Private Wealth division and the Board is very pleased to appoint him to lead the group and the team,” Mr Scott said.

 

Geoff Lloyd said that in accepting the CEO and Managing Director role he had agreed three key priorities with the Perpetual Board.

 

“I have agreed with the Board that we need to work harder and faster to refine the growth strategy for the business; deliver further meaningful cost reductions; and reinvigorate sales and distribution across the entire business,” Mr Lloyd said.