Australian private investment group Caledonia Investments (Caledonia) has announced Stuart Grimshaw as its new chief executive.
Grimshaw resigned from the Commonwealth Bank of Australia (CBA) earlier this week as premium business services group executive, with his departure scheduled for before the end of the year.
Grimshaw's new role will see Caledonia's current and founding chief executive Mark Nelson and managing director Will Vicars take on positions of joint chief investment officers.
Nelson and Vicars will ensure the ongoing development of Caledonia's structure and systems remains a high priority, and focus their efforts on the investment of funds.
"Stuart's unique depth of expertise and experience, both here and overseas, will ensure that Caledonia has the optimal combination of investment focus and management process going forward," Nelson said.
"The recent market disruptions are unprecedented, and unique investment opportunities will undoubtedly present themselves to us if we are prepared, and able, to recognise and capitalise on these opportunities.
"The decision to appoint a new CEO underpins our essential business philosophy of strengthening the group in difficult times, managing and developing what we already have in place, and taking full advantage of shifting markets."
Prior to Grimshaw's current position, his roles at CBA included wealth management group executive, and finance and risk management group executive, and he was chief executive for both Yorkshire bank and Clydesdale bank in the UK.
Craig Turton has also joined the Caledonia team as a senior analyst specialising in banks and financials.
