TWUSuper nails down Sandy as CEO

By: Rob McKay


Acting-CEO role made permanent for long-term fund servant

TWUSuper nails down Sandy as CEO
Frank Sandy has been with the fund for 11 years.

 

Transport industry and logistics super fund TWUSuper has appointed Frank Sandy as CEO, effective immediately.

Sandy has been acting CEO since the resignation of Bill McMillin in October.

Before that, Sandy had been the fund’s chief financial officer of for 11 years.

Independent chairman David Galbally says that Sandy, as a long-standing employee of TWUSuper, was "respected and well-liked by staff, members and other stakeholders, and that his appointment would bring continuity and certainty to the fund and its operations".

"The board is delighted that Frank has accepted our permanent appointment of him to this important role, and is pleased that the extensive experience and expertise he has accrued over many years with TWUSuper, and in the industry, can continue to be utilised," Galbally adds.

"As our previous chief financial officer, and acting CEO on a number of occasions, Frank is a very capable and well-credentialed industry super fund executive.

"With funds continuing to undergo significant regulatory and legislative changes, the Board felt it important to retain the experience and capabilities Frank brings to the role."

The move consolidates Sandy’s performance as a constant player in fund, which has seen a number of CEO moves in about four years.

Long-term CEO McMillin retired in 2013 and his replacement, Debora Jackson left for personal reasons after a year in the role.

Sydney-based Paul Sayers was appointed but resigned after a year to return to Sydney.

ATN understands the board was grateful that McMillin, who was consulting to the fund, agreed to return to the role.

But in September he opted to retire permanently, and after an executive search and considering several applicants, the board offered the role to Sandy, who is regarded as an accomplished CFO and has been acting CEO during much of the recent transition.

It is understood the board believes that, notwithstanding the recent CEO turnover, the fund has had a stable and long serving executive management team over the past five years.

And despite the messiness surrounding the role, fund performance appears unaffected, but the idea that it could do without a CEO is discounted.

It believes  that the fund retains an experienced and qualified and capable person to permanently fill the CEO role, and work with the board and executive to set the strategic direction of the fund.

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