After two years at the helm of MLC, chief executive Geoff Lloyd has announced his resignation from the firm, effective at the end of October.
Lloyd’s resignation comes as no surprise after NAB sold MLC’s wealth management, asset management, platforms and superannuation businesses to competitor IOOF for almost $1.5 billion in early September.
The CEO has been conspicuously absent from public discussion since the acquisition and was widely expected to walk away from MLC before the transition to IOOF began in earnest.
In a note sent to NAB and MLC staff, NAB chief executive Ross McEwan said Lloyd’s exit was a “natural progression” that reinforced the MLC chief’s focus on achieving the best outcomes for consumers and colleagues.
“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,” McEwan noted. “Having completed the task with distinction, he is now able to take some well-deserved time and consider his next role.”
McEwan also noted some of the milestones Lloyd ticked off during his tenure.
“Improvements include client initiatives to create value for financial advisers, enhanced product and digital services and new products including core wrap,” the CEO said. “The team established 16 remediation programs of work with all remaining remediation of our clients now on track for completion.”
Lloyd left a leadership position within BT’s advice and private banking business in 2010 to head private client business Perpetual Private Wealth, and become Perpetual’s CEO in 2012, where he remained until mid-2018.
In June 2019 Lloyd sat down with Professional Planner to discuss his plan for MLC. “You can’t predict the future,” the CEO noted.
MLC’s corporate services officer, Andrew Morgan, will oversee MLC’s day-to-day operations in the lead up to the completion of the IOOF sale, McEwan noted.