Austock Funds Management (AFM) is on the lookout for a new chairman and director, as Michael McFarlane has resigned due to illness.
AFM announced McFarlane's resignation to the market late yesterday. His departure is effective immediately.
McFarlane will be replaced in the interim by acting chairman Vic Cottern.
"The board acknowledges the valuable contribution made by Mike as chairman and wishes him all the very best for the future," an Austock statement to the Australian Securities Exchange said.
As well as holding the position of chairman for AFM, McFarlane was also the chairman of Austock Property Management (APM), and non-executive director of listed financial services firm, Austock Group.
McFarlane is also expected to resign from his role as director of Facilitators, an independent consultant to the investment banking, funds management and property industries.
Prior to joining Austock, McFarlane was an executive director of Macquarie Bank.
