MTAA keeps it in-house with new CEO
MTAA Super has looked within its own ranks to replace long-serving chief executive Michael Delaney following his retirement from the controversial fund this month.
MTAA Super has looked within its own ranks to replace long-serving chief executive Michael Delaney following his retirement from the controversial fund this month.The $6 billion fund has named the deputy chief executive officer, Leeanne Turner, to take charge as chief executive. Ms Turner, a former boss of AvSuper, has held the deputy chief executive role at MTAA Super for the past four years. "Leeanne's appointment reflects her skills and track record within the superannuation industry. This includes sound business and administrative acumen, expertise in managing compliance issues and strong communication skills," the chairman of MTAA Super, John Brumby, said.The appointment follows a period of upheaval at MTAA Super. Mr Delaney's exit followed board members of MTAA Ltd, the employer sponsor of the fund, passing a no-confidence vote in the former chief executive. The fund has also faced questioning from the regulator, the Australian Prudential Regulation Authority, over governance issues.Meanwhile, Mr Brumby announced the appointment of two superannuation executives to the board of MTAA. These are Vicki Allen, the former chief operating officer of the Trust Company and one-time Victoria-based State Super Fund director Susanne Dahn.Before the global financial crisis, investing heavily in infrastructure and commercial property paid off for the fund's 280,000-plus members, most of whom work in the motor trades industry. For years, MTAA Super was the best-performing fund in the market. But then came the financial crisis, which exposed weaknesses in the fund's strategy, resulting in a string of poor returns.Elizabeth Knight Page 8