Trustees Executors (TE) has adopted an executive triumvirate following the departure of chief, Ryan Bessemer, with three incumbent divisional leaders to report directly to the board via chair, Rob Russell.
Under the just-revealed changes, Matthew Band, Justin Fox and Geoff Cheeseright will operate as respective general managers of TE corporate supervision, private wealth and fund administration.
All three divisional leaders with report to the TE board through Russell with Band also answerable to the group’s corporate supervision board.
But the restructure is operational only with the 142-year old company retaining the underlying legal entities as is, according to a spokesperson.
Cheeseright and Band are both TE veterans with history dating back to the late 20th century while Fox joined the firm in 2019.
In a statement, Russell said: “We are drawing on the experience and expertise of our highly knowledgeable General Managers across our Corporate Supervision, Funds Administration, and Private Wealth services, to each lead their business and team.
“The new structure will enable us to keep evolving with the ever-changing technological and regulatory environments and maintaining our hard-earned space as a leader in the trustee and investment administration sector.”
Bessemer officially ended a more than five-year stint as head of TE this week, returning to Australia.
His predecessor, Russell, returned to chair the licensed supervisor, private wealth management and fund administration firm this April.
The recently refreshed TE board also includes Switzerland-based Keith Richards and Kevin Wallace as well as Financial Services Council NZ chief, Richard Klipin.
TE is ultimately owned by Sterling Grace, a company controlled by Swiss resident, John Grace.