Pennisi to leave QSuper

QSuper chief executive Michael Pennisi will leave the organisation in September after nearly 11 years.

QSuper and Sunsuper today announced they have signed an agreement to pursue a merger that will create a $200 billion fund that will serve more than 2 million Australians.

Don Luke, the current QSuper chair, will chair the board of the merged fund. Sunsuper CEO Bernard Reilly will become chief executive.

Pennisi did not seek a role in the new organisation and will leave the fund later this year.

Pennisi first joined QSuper as chief strategy officer in late 2010 and was responsible for the organisation's marketing and communications, customer intelligence, and product development. It was his second time with the organisation, previously holding the role of deputy CEO and from 1996-2005. In the interim he spent several years as managing director of corporate strategy with QIC and held roles with AMP and the Insurance and Superannuation Commission.