Perpetual

Managing director Chris Ryan was effectively sacked by the Perpetual board yesterday. While the circumstances are hazy, the board appears dissatisfied with the pace of change and the magnitude of cost reductions thus far. The disagreement has ended up costing Perpetual shareholders $1.8m, including Ryan’s regrettable sign-on bonus last year and his termination payment. All up, Ryan ‘earned’ around $3m for less than one year’s work. Stepping into his shoes will be Geoff Lloyd, head of the Private Wealth division. Lloyd joined Perpetual 18 months ago and the Private Wealth division will presumably be one of the first targeted...

Managing director Chris Ryan was effectively sacked by the Perpetual board yesterday. While the circumstances are hazy, the board appears dissatisfied with the pace of change and the magnitude of cost reductions thus far. The disagreement has ended up costing Perpetual shareholders $1.8m, including Ryan’s regrettable sign-on bonus last year and his termination payment. All up, Ryan ‘earned’ around $3m for less than one year’s work.

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