Former Sequoia Risk and Compliance Committee chair resigns
The former chair of Sequoia Financial Group Board Risk and Compliance Committee, Charles Sweeney has resigned with effect from yesterday.
Sequoia announced to the Australian Securities Exchange (ASX) yesterday morning that Sweeney’s resignation is effective from 29 July. It later went into a trading pause followed by a trading halt which remained in place at the open this morning. It is understood the trading halt is based on a query filed by the ASX.
The announcement comes as Sequoia deals with issues surrounding the collapse of the Shield Master Fund but said that Sweeney had decided to step down from the Board “as it has become increasingly difficult for him to balance his other commitments with his non-executive role at Sequoia”.
“Charles has been a tireless and valuable contributor to the success of SEQ over the past six years and we thank him for his loyalty and dedication over that time,” the announcement said.
It said the board is in the final stages of confirming a suitable replacement with potentially two replacements being currently considered in recognition of the increasing responsibilities faced by SEQ Directors as the Group continues to expand.
The announcement said that as the former Chair of the Risk and Compliance Committee Sweeney “has also graciously agreed to continue supporting our business in the short term while we transition to a successor(s)”:.
Sequoia chief executive, Garry Crole thanked Sweeney for his valuable insight and experience and noted that he had stepped into the Chair’s role on an interim basis during a difficult period for the business prior to the appointment of Mike Ryan in late 2024.
going to be carnage
Hello Mike, hopefully when the truth comes out you report the findings in their entirety.