IOOF-owned financial services firm Ord Minnett has appointed former Commonwealth Financial Planning general manager Timothy Gunning as chief executive.

His appointment will be effective from 1 October 2009.

Gunning will be responsible for Ord Minnett Private Wealth, Portfolio Services, Funds Management and the Corporate Finance businesses.

He replaces Karl Morris, who has held the position of chief executive and managing director since October 2004.

"Karl Morris has left the CEO role with Ord Minnett very well positioned for growth," Gunning said.

"Markets have been very challenging for a considerable time now and Ord Minnett has emerged with its businesses continuing to perform well.

"The management of talent is the key to building any good business, therefore developing an innovative employee value proposition will be key to ensuring that Ord Minnett will continue to retain and attract the best talent in the Australian broking market."

Karl Morris will take up the position of Ord Minnett executive chairman, replacing Russell Aboud who will continue to serve as a director on the company's board.

"Tim's perspective on Australian equities markets and his in-depth knowledge of the drivers of wealth management in Australia were compelling reasons for our choice of Tim for the role," Morris said.

In May 2008, 70 per cent of Ord Minnett was acquired by Australian Wealth Management, which then merged with IOOF in April 2009.

JP Morgan owns a 30 per cent interest in Ord Minnett.