Perpetual, the Australian financial advisor, has appointed its private wealth head to the newly-vacated role of chief executive, following the sudden resignation of his predecessor.

Perpetual, the Australian financial advisor, has appointed its private wealth head to the newly-vacated role of chief executive, following the sudden resignation of his predecessor.

Geoff Lloyd took the reins today from former incumbent Chris Ryan, who resigned this weekend over “differences between (himself) and the board”, according to an emailed statement. Perpetual will make a payment to Ryan upon cessation of employment of A$1.2 million ($1.28 million) in lieu of 12 months notice.

“While Ryan had executed some important business improvements after joining Perpetual in February last year, it had become clear that there were differences between Ryan and the board around emphasis and execution of strategy for the immediate and longer term,” said Perpetual chairman, Peter Scott.

“Over the weekend we agreed to disagree with Chris Ryan on these important issues and that he would leave Perpetual as a result. The board thanks Ryan for his contribution,” added Scott.

Although the rejig is sudden, Lloyd has been groomed to take the role ever since he joined the firm 18 months ago. The Harvard-educated executive was previously based at rival firms BT Financial and St George’s Wealth Management business as well as the Australian Securities and Investment Commission.

“Geoff Lloyd was recruited to Perpetual as a potential future CEO. He has demonstrated his understanding of the Australian financial services market through the strategy he has put in place for the private wealth division and the board is very pleased to appoint him to lead the group and the team,” Scott said.

Lloyd said that in accepting the CEO and managing director role he had agreed three key priorities with the Perpetual board. 

“I have agreed with the board that we need to work harder and faster to refine the growth strategy for the business; deliver further meaningful cost reductions; and reinvigorate sales and distribution across the entire business,” Lloyd said.

“The immediate task for the senior management team is to review and align our plans for each of these key priorities across the entire business.” 

It is not clear at this stage how costs will be reduced and whether this will involve redundancies.