E&P chief exits early
E&P Financial Group has exited its chief executive Peter Anderson one month earlier than flagged.
The ASX-listed wealth firm announced that its board "determined to bring forward the succession by one month to today's date [December 1], marking the conclusion of a smooth leadership transition."
Ben Keeble takes over the post of chief executive and managing director "effective immediately".
E&P announced in June that Anderson will exit on December 31 after four years at the helm.
"Anderson will continue as an employee until 31 December 2023 under current remuneration arrangements, and has agreed to be retained by the group on a casual employment basis from 1 January 2024 to 30 June 2024 to assist the group with various matters at the direction of the board, including assistance with finalising the conditional settlement of the representative proceedings filed by Shine Lawyers, which was announced by the Company on 14 November 2023," E&P said.
E&P settled the Shine-led class action, which related to representatives giving conflicted advice for its in-house product, the Masters Residential Property Fund (URF), for $16 million.
Shine alleged that E&P's financial advisers, when they were operating under, Dixon Advisory Superannuation Services (DASS), gave unsuitable advice that did not consider clients' particular needs or entire financial circumstances. E&P claimed no admission of liability.
On Anderson's departure, Keeble commented: "On behalf of the E&P team, I would like to thank Peter for his contribution to the firm over the past four and a half years and wish him well in his future endeavours."
"I look forward to the next phase in the evolution of the E&P group. With the transformation and simplification of the business model under Peter's stewardship now largely complete, the group is well positioned to take advantage of the macro themes playing out in the wealth management sector in particular. We are actively working with the senior management across the group to build out the strategic priorities for the next phase in E&P's growth," Keeble said.
