- Push-out Score suggests push-out forces
- After about six years and a half in the position
- Praise and thanks for Lloyd
- Search for a successor
- Lloyd spoke at length and said 90 words
(exechange) — Sydney, Australia, November 20, 2017 — Geoff Lloyd, chief executive of Perpetual, leaves. As announced by Perpetual Limited in a regulatory filing published on Monday, November 20, 2017, Geoff Vincent Lloyd leaves the post as Chief Executive Officer at the investment advice company after about six years and a half in the position, effective June 30, 2018.
Lloyd’s move comes six months after Tony D’Aloisio took over as chairman of Perpetual Limited.
Perpetual will undertake a search for a successor.
“Now is an important time to hand over the leadership”
Lloyd’s departure from the post of CEO is explained as follows. Lloyd said: “As we started to build the company strategy for the coming three to five years, I felt I wouldn’t be able to commit over the long term and so now is an important time to hand over the leadership of Perpetual.”
Precise information about the future plans of Lloyd was not immediately available.
Perpetual said: “After seven years with Perpetual including more than five as Managing Director and Chief Executive Officer, Geoff Lloyd will be leaving Perpetual. He will step down from the CEO role on 30 June 2018.”
Share price decline
The change follows a decline in the share price of Perpetual Limited since August 2017.
Chaired by Tony D’Aloisio
Perpetual Limited is chaired by Tony D’Aloisio.
D’Aloisio was appointed director in December 2016 and chairman on May 31, 2017.
In the position of CEO since 2012
Geoff Lloyd joined Perpetual in August 2010 as Group Executive of Perpetual Private and led the development and implementation of the growth strategy for this business.
He took on the additional responsibility of Head of Retail Distribution in September 2011 and was appointed Managing Director and CEO in February 2012.
Lloyd was previously General Manager of Advice and Private Banking at BT Financial Group following the Westpac Group merger with St.George Bank.
Before the merger, he led St.George’s wealth management portfolio.
He held many senior positions at BT Financial Group, including Chief Legal Counsel and Head of the Customer and Business Services Division.
Lloyd is the Chairman of the Financial Services Council, an Advisory board member of The Big Issue and the Patron of the Financial Industry Community Aid Program.
He is a Patron of Emerge Foundation and is also Chairman of the University of Technology Sydney Law Advisory board.
As a general rule, when a top manager announces to step aside with no successor in place, it’s a signal that the move was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Geoff Lloyd’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 48.2017 ($).