MLC CEO to step down

MLC CEO Geoff Lloyd is set to depart the organisation at the end of October.

The move follows an agreement to sell MLC Wealth to IOOF.

"This is a natural progression and reinforces the focus he brought to the process and to achieving the best outcome for customers, colleagues and shareholders," said NAB chief Ross McEwan in an email to MLC and NAB staff. "Having completed the task with distinction, he is now able to take some well-deserved time and consider his next role.

"In his time with us, Geoff has built the highest quality leadership team and set about building, communicating and driving a strategy that gave clarity to refocus, modernise and grow."

Lloyd joined MLC in late 2018 following several years in banking and financial wealth. He was previously the CEO and managing director for Perpetual Limited and held senior executive roles at St George Bank and BT Financial Group.

In comments to staff, Lloyd said he felt a sense of pride and gratitude for his work with the organisation. "I am proud to have taken on this challenge. The level of change required was definitely larger than I first anticipated however you all quickly got behind the refreshed strategy, including those of you who preceded me and also those who joined to help reset and reshape MLC. Like me you all saw the opportunity in this great brand and the need for leadership in the wealth market."

MLC's chief corporate services officer Andrew Morgan will reportedly oversee MLC's day-to-day operations during the completion of the sale to IOOF.