Renato Mota to leave Insignia

In a surprise move,  Insignia Financial has announced that chief executive Renato Mota will step down from his role next February by mutual agreement.

Mota said it was the right time to step down from the role, having been chief executive for the past five years.

The company has not yet named a replacement.

The outgoing chief executive was responsible for overseeing Insignia's major transformation and acquisition of businesses from ANZ and MLC Wealth.

Mota first joined IOOF, in October 2003 to work on the group's strategy and communications.

Four years later he became general manager of investor solutions before being promoted to general manager of distribution.

In 2016, he was named group general manager of wealth management before being appointed acting chief executive executive following the fallout from the Hayne royal commission in 2018.

Three years later, Mota was officially named chief executive and managing director of the group.

Since then, the group completed two major acquisitions - ANZ's OnePath pensions and investments business and that of MLC from NAB, eventually creating Insignia Financial.

Insignia chair Allan Griffiths said Mota's ability to execute a bold strategy in the face of numerous challenges, including a global pandemic, are mark of his outstanding leadership qualities.

"We wish him well in his future endeavours," he said adding that the firm had begun a search for a replacement.

Mota said, "It's been a privilege to be part of Insignia Financial over the past 20 years and its CEO over the last five.

"Having established a clear path for the next three years, I feel this is the right inflection point to provide the business with a fresh perspective to continue the journey.

"To have created an industry leader and purpose-led culture, driven by an ambition to improve the financial well-being of all Australians, is something I'll always be proud of. I know I will leave behind an incredibly talented and passionate team who will continue to build the organisation for the benefit of all stakeholders."