Clime Investment Management has named Michael Baragwanath as acting managing director following the resignation of group chief executive Annick Donat earlier this week.
In an ASX statement on Monday, the firm said Donat would step down from 31 July after three years at the helm of the business.
As such, chairman John Abernethy said Baragwanath would assume the role of MD to ensure a “smooth and stable transition”.
According to the investment manager, Baragwanath was appointed as a director effective from 1 July and now assumes a broader role within the business.
He brings more than 18 years of financial services experience to the job, most recently as an independent consultant at Bara Consulting Group.
Before this, he led TIP Group’s investment banking arm and has held a number of responsible management roles at financial services firms, including Spaceship and Australian Standfirst Asset Management.
Baragwanath detailed on his LinkedIn that his new role as managing director requires him to “take responsibility for the business, ensuring it operates profitably for our shareholders, provides opportunities for learning and personal growth, and delivers exceptional experiences for our clients”.
Moreover, he will receive a fixed salary of $210,000 per annum plus super for a period of six months, and a permanent contract will be negotiated in future.
Donat initially joined the firm in 2020 as the former CEO of Madison Financial Group, which was sold to licensee Infocus last month, and was appointed CEO the following year.
In a statement earlier this week, Donat said: “After four fulfilling years with Clime, I have made the decision to step down as group CEO. Throughout this time, we have navigated an evolving market landscape, and I am proud of the resilience and dedication our team has shown. Together, we have achieved considerable progress in key areas.
“As I transition out of my role, I remain a committed shareholder and am confident in the company's potential. I wish the business continued success and thank the board, our shareholders, clients and our incredible team for their support during my tenure.”
The Clime board said it wished Donat all the best in her future endeavours but, at the time, did not specify who would be filling the role once she departed.
