Troubled super fund head retires
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 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," said MTAA Super chairman John Brumby.The appointment follows a period of upheaval at MTAA Super. Mr Delaney's exit came after board members of MTAA Ltd, the employer sponsor of the fund, passed a "no confidence" vote in former chief executive. The fund has also faced questioning by 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 Victorian-based State Super Fund director Susanne Dahn.Before the GFC, 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.