Australian financial services firm Insignia Financial has announced that its chief executive officer, Renato Mota, will step down from the role at the end of February next year.
Insignia confirmed the move, which was made by “mutual agreement”, in an ASX announcement on Friday, in which it said that Mr Mota has been a “key organisational leader” throughout his 20 years at the firm, including the past five years as CEO.
“Over his time with the group, Renato has been instrumental in transforming IOOF and ultimately Insignia Financial into one of Australia’s leading wealth management organisations,” said Insignia Financial chairman Allan Griffiths.
“His ability to create a purpose-led culture and execute a bold strategy in the face of numerous challenges, including a global pandemic, are marks of his outstanding leadership qualities. We wish him well in his future endeavours.”
Mr Mota originally joined Insignia in 2003 and has held a range of positions at the firm including general manager - investor solutions, general manager - distribution, and group general manager - wealth management.
He was named acting CEO in December 2018 after the Australian Prudential Regulation Authority (APRA) commenced disqualification proceedings against the group’s executives which were later dismissed. Mr Mota was then officially appointed CEO in June 2019.
During Mr Mota’s tenure as CEO, Insignia completed its acquisition of ANZ’s OnePath pensions and investments business and NAB’s MLC wealth management business.
Commenting on his departure on Friday, Mr Mota said that he felt privileged to have been a part of Insignia over the past 20 years and its CEO for the past five years.
“Having established a clear path for the next three years, I feel this is the right inflection point to provide the business with fresh perspective to continue the journey,” he said.
“To have created an industry leader and purpose-led culture, driven by an ambition to improve the financial wellbeing of all Australians, is something I’ll always be proud of.
“I know I will leave behind an incredibly talented and passionate team who will continue to build the organisation for the benefit of all stakeholders. I thank all of our people for their friendship and support and wish them all the very best.”
Mr Griffiths also confirmed that Insignia has begun searching for a new CEO to build on the foundations established by Mr Mota and “continue to execute on the opportunities our market position and capabilities currently represent”.
Jon Bragg
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
