The Trust Company (ASX:TRU) has promoted its CFO to the top job as the ASX-listed group’s CEO formally steps down and retires from the board.
Shailendra Singh joined the group as CFO in August last year and has been overseeing group finance, strategy, legal, risk and compliance, and investor relations functions while also acting as company secretary. His achievements include leading a profitability review and developing a business plan for 2014-2016. He joined The Trust Company’s board in March.
Singh has spent 23 years in the financial services industry, serving in a number of senior roles including CFO of private wealth, CFO of corporate trust and acting group executive of private wealth at Perpetual over a six-year period. Prior to that, he was head of finance at Colonial First State.
The Trust Company’s chairman, Bruce Corlett, said Singh’s financial services sector experience was the catalyst for his appointment as interim CEO. Singh replaces John Atkin, who steps down as CEO on 15 April and also retires as a company director after four years at the helm.
“Shailendra has proven to be a strong and capable CFO, leading our profitability review, developing our business plans and overseeing tighter cost management across the business, which has played a key role in our improved earnings guidance for the second half of the 2013 financial year,” he said.
Singh said he was delighted to take on the role and highlighted a number of key priorities in the next financial year, including finalising and executing initiatives reached during the Personal Client Services division’s profitability review.
He also signalled plans to review and align the group’s technology-based investment with the aim of enhancing growth and client experience. A further aim is to reposition the New Zealand Guardian Trust for growth, Singh said.
Corlett confirmed Atkin will continue to consult to the group with a particular focus on its Corporate Client Services business, and thanked him for a seamless transition of the CEO role. The group is now on the hunt for a replacement CFO.
As well as the change at the top, The Trust Company has appointed Catherine McDowell as an independent non-executive director. She has more than 20 years’ experience in the investment and financial services industry and oversaw Barclays International’s Wealth business before relocating to New Zealand in 2005. Her most recent role was as MD of ANZ Private Bank and Trustees.
McDowell will also chair the Board of The New Zealand Guardian Trust Company.
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