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By Alice Uribe
SYDNEY–Insignia Financial’s shares fell after the company announced Chief Executive Renato Mota would step down at the end of February.
The Australian wealth manager’s shares fell 8.1% to 2.15 Australian dollars ($1.36) on Friday, after earlier hitting a low of A$2.13. It is one the worst performers on the ASX 200 so far this session.
Insignia said Friday that Mota’s departure was by mutual agreement.
“Over his time with the group, Renato has been instrumental in transforming IOOF and ultimately Insignia Financial into one of Australia’s leading wealth management organizations,” said Insignia Financial Chairman Allan Griffiths.
“We have commenced a search for our next CEO.”
At the same time, Insignia said its board had withdrawn an AGM resolution that sought shareholder approval for the grant of Mota’s performance rights for fiscal 2024.
Insignia’s shares are down around 36% so far this year.
Write to Alice Uribe at [email protected]
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