Former IWL chief Otto Buttula has been named the new executive chairman of Findlay Securities (Findlay).
Buttula's appointment, along with other restructures to the board, was given the go-ahead by shareholders at the listed broking firm's general meeting on Friday.
Buttula's appointment heralds the end of an era for the firm, with Findlay's current managing director and executive chairman Ivor Findlay set to relinquish day-to-day control of the company.
Findlay will remain with the group as a non-executive director of the board, but the position of managing director will not be replaced, Buttula told InvestorDaily.
"Ivor has made an enduring contribution to the company's development," he said.
As well as Findlay's departure, Richard Mollett has resigned as executive director of the company.
Mollett has been replaced by HUB24 executive director Darren Pettiona.
Buttula left the financial services spotlight following the sale of IWL to Commonwealth Bank of Australia (CBA) late last year.
In November last year CBA purchased the whole of IWL for more than $370 million.
