Former Trustees Executors (TE) chief executive, Rob Russell, has emerged a surprise chair of the firm he used to run.
Russell departed TE in 2018 after 12 years at the helm of the Wellington-headquartered licensed supervisor and investment administration business but returned as director this February.
His appointment came ahead of the resignation from the TE Limited board of Victoria Grace, daughter of the Switzerland-based John Grace who ultimately controls the business via the Sterling Grace entity.
Victoria Grace remains on the board of several related TE companies for now, however, including Sterling Grace and TE Holdings along with Swiss residents John Grace, Keith Richards, and Stuart McLaren of Lower Hutt.
The TE operating company board now comprises Russell, Richards, Kevin Wallace (also in Switzerland) and Financial Services Council NZ chief, Richard Klipin.
Last year three other TE directors left the board including Robert Kirkpatrick, Laurence Kubiak and current company chief, Ryan Bessemer.
A TE spokesperson said the board changes follow a strategic review directed at “bolstering [its] core services in the New Zealand market” that included Russell replacing interim chair, Keith Richards.
“As a local independent chair, Rob has extensive knowledge of the New Zealand financial services industry and in-depth knowledge of TE’s operations, governance and responsibilities as Supervisor,” the spokesperson said. “… Victoria Grace has also confirmed her intention to step down as director to focus on other business opportunities.”
Company accounts also reveal the business shut down five subsidiaries last year while also slating its Australian entity, Registry Administration, for closure this year.
The financial statements show, too, that TE booked an almost $2 million loss over the 12 months to end of September last year for its almost 40 per cent share in Formosa Wealth, the holding company for the Flint Wealth platform. Last week Flint Wealth chief, Angela Vale, decamped to rival FNZ.