First Capital Group (First Capital) is on the hunt for a new managing director after Leslie Freeman announced his resignation late yesterday.
Freeman cited intense media scrutiny over his personal business affairs as the reason behind his decision.
In a company statement released late yesterday, the financial services business said it had accepted the resignation, with Freeman leaving the group immediately.
Freeman will also resign from all boards of First Capital and its subsidiaries. He remains First Capital's largest shareholder.
"I accept that intense media scrutiny about my personal business affairs has caused unnecessary focus on First Capital without just cause," Freeman said.
"Therefore, it is in the interest of First Capital that I stand down immediately. The underlying companies of First Capital continue to be managed by existing management and staff."
In a statement to the Australian Securities Exchange, First Capital said while it recognised Freeman's effort in establishing First Capital it also has a responsibility to shareholders.
First Capital executive director Tom Wallace has been named as acting managing director with a board review to be undertaken.
The current managing director of First Capital subsidiary First Capital Securities, Mark Phillips, will be come a non-executive director.
In the past six months, First Capital has been restructuring and repositioning its business to concentrate on its funds management and asset management businesses, moving out of the debenture market. First Capital subsidiary Explorer Investments has launched the company's first two income funds.
"The restructure and refocusing of First Capital Group continues, and management are focused on building long term value for shareholders. The funds management business, although at an early stage, is trading strongly," Wallace said.
