SelfWealth chief in sudden exit

The chief executive of online trading platform SelfWealth has left the ASX-listed firm with "immediate effect".

Cath Whitaker vacated the top job she assumed in April 2021. Paul Cullinan, currently the interim chief financial officer, will assume the role of acting chief executive.

Newly appointed chair Christine Christian said the departure comes as SelfWealth undergoes "a period of transformation" as the board focuses on reshaping the leadership team "to ensure SelfWealth is strategically and commercially positioned to take advantage of the growth opportunities within the dynamic market environment in which it operates".

"On behalf of the board, I would like to thank Cath for her contribution to SelfWealth and wish her well for the future," she said.

Whitaker previously worked at Marsh McLennan as the global leader of digital transformation, a role she held for four years. She also worked at Willis Towers Watson, Swiss Re and Brown Shipley.

The trading platform unleashed several board and executive changes at the start of the year, which included the resignation of Huy Truong, Jodie Leonard and John O'Shaughnessy.

Scott Farndell was recently appointed chief financial officer and company secretary and will take up the roles in August 2023.

On May 8, the firm announced that Whitaker was no longer a director but continued in her role as chief executive.

"The board will act decisively to guide SelfWealth throughout its transformation and work to maximise the company's value and deliver growing shareholder returns," Christian said.

SelfWealth was integrated with Openmarkets, which recently copped a $4.5 million penalty from ASIC and was forced to undergo an enforceable undertaking. At one point, SelfWealth was rumoured to be looking to acquire Openmarkets.

However, in April, SelfWealth moved to FNZ Custodians from Openmarkets for its Australian equities execution, clearing and settlements.

This article first appeared in the Financial Standard