Financial services company IOOF has restructured its productteam, resulting in the redundancy of IOOF head of product Nick Everingham.
"I'm leaving IOOF, yes. It is an organisational restructure," Everingham told InvestorDaily.
IOOF general manager of distribution Renato Mota confirmed the measure.
"We are in the process of restructuring the product area, both the platform and the investment area," Mota said.
"We have been simplifying our business for the last 18 months or more, and we have come to a point where it is important to simplify our own organisational structure as well."
Although Mota said he was still reviewing the head of product role, he said it was unlikely that it would be filled in its current form.
"At this point in time, we are still reviewing that, but if there is a head of products role in the future it will be different role. We are still determining what that role looks like," Mota said.
He could not say whether the restructure would lead to further redundancies.
"I can't speculate about whether there will be or won't be in the future, but what I can say is that I'm convinced we've got the right people in the business," he said.
Everingham had been with IOOF since 2004, when he joined as the firm's head of projects.
Before joining IOOF, he worked at SMS Management and Technology as an consultant and also spent 13 years in the Australian Defence Force.
IOOF also advertised the role of national head of sales last Friday, a position currently held by Alexandra Tullio.
Tullio has resigned and will leave the firm within the next few weeks.
Mota could not say where she was going, but InvestorDaily understands that she will take up a sales role with Bendigo and Adelaide Bank.
