Anderson exits ART after just 18 months

Australia’s second largest industry fund, Australian Retirement Trust (ART) has surprised many in the superannuation sector with the announcement that its chief executive, David Anderson, is exiting his role to be replaced by Kathy Vincent.

Anderson had only been in the CEO role for 18 months after a lengthy career with Mercer, while Vincent joined ART around two years’ ago as Chief Operating Officer, from BT.

Confirming Anderson’s exit, ART chair, Andrew Fraser described Vincent as a natural fit for the CEO role given her background in financial services and her involvement in the ART executive committee over the past two years.

The fund’s formal announcement noted that Vincent’s appointment had been confirmed after the board received notice of the resignation of Anderson.

Anderson was quoted as saying he had reached a personal decision to resign and wish ART and its members continued success.

“With great confidence in our Executive Committee and Enterprise Leaders, and with an expanding cadre of grandchildren growing up faster than I anticipated in Sydney, I now need to be closer to them and devote more time to our family,” Anderson was quoted as saying.

Vincent has substantial experience in financial services and is a previous member of the board of the Financial Services Council (FSC) as a result of her role as BT General Manager of Platforms, Investments and Operations.

Vincent joined ART as part of its executive restructure under the leadership of the fund’s former chief executive, Bernard Reilly.

Vincent spent over 18 years at Macquarie Group where she was co-head of its alternatives business and Head of Product Strategy for its global investments business. She has also held senior roles at MLC; was National Australia Bank’s General Manager, Wealth Products and Platforms; and as BT’s Chief Strategy and Product Officer.