Pendal Group announces CEO Succession
Robust succession plan … Mr Nicholas Good (left) will succeed Mr Emilio Gonzalez (right) as Pendal Group CEO
Pendal Group (ASX: PDL) today announced that Group CEO Mr Emilio Gonzalez will step down after 11 years in the role, and Mr Nicholas Good, currently CEO of the J O Hambro Capital Management (JOHCM) operations in the USA, will be Mr Gonzalez’s successor.
The Chairman of Pendal Group, Mr James Evans, said: “The Board sincerely thanks Emilio for his contribution, constancy, and commitment for over a decade and recognises his significant achievements, particularly the successful acquisition of JOHCM in 2011 that transformed the company into a global funds management business.
“Our robust succession plan has enabled the Board to appoint Nick as the new Group Chief Executive Officer of Pendal Group.
“Nick is a global leader in the funds management industry with a strong track record of building and growing businesses. He is an impressive strategist and has an inspiring leadership style.
“Importantly, the biggest future potential for the Group is in the USA. With Nick on the ground there, and with the support of the talented Global Executive Team, including the regional CEOs, Pendal Group will be well-positioned and equipped as it transforms its business to take advantage of future growth opportunities.”
Mr Gonzalez has a six-month notice period and is committed to ensuring a smooth transition.
Mr Evans said: “Under Emilio’s leadership the business underwent a step-change in funds under management, scale, distribution, product offerings to clients, and importantly, shareholder returns.
“Since Emilio’s appointment in January 2010, Total Shareholder Return (TSR) has been 322.9 per cent, compared to the 130.1 per cent return of the Standard and Poor’s ASX200 Accumulation Index over the same period.
“Emilio truly diversified the business across geographies, asset classes, and channels. He successfully oversaw the gradual sell-down of Westpac’s ownership and a broadening of the share register, a change in brand to Pendal that represents our heritage and navigated the business through the global credit crisis and the current global COVID-19 pandemic.
“Emilio will leave Pendal with acknowledgement and thanks for a job very well done and our best wishes for the future.”
Mr Gonzalez said, “With the multi-year investment program announced in November 2020, it is timely and important that my successor has a clean run to drive this program. It will require a long-term commitment, and after 11 years as CEO, it is the right time for a new Group CEO to step in.
“It has been a privilege to lead the company and transform it from a domestic equity fund manager, with $41.9 billion under management, to a diversified global fund manager with $97.4 billion in FUM.
“I would like to thank all of my colleagues at Pendal Group who I have worked with over the years. It has been a team effort and I leave knowing the business is in a strong financial position and well placed for the future.”
Mr Good commented: “I would like to acknowledge the outstanding contribution of Emilio to the Pendal Group. It has been a privilege and pleasure to work with him, and I am honoured and excited to have the opportunity to lead this great company.
“Pendal is recognised for its talent, diversified business model and strategic global footprint. It has long-tenured, highly regarded fund managers and has consistently delivered long-term outperformance.
“I am confident that there is a very bright future ahead as we position to take advantage of the fast-paced changes, and inherent opportunities, in global funds management.”
Mr Good will remain based in Boston, USA.