Bruce Teele stood down from the chairman’s gig at Djerriwarrh Investments Limited on Monday, the first in a three-stage retreat from his chairman responsibilities at listed Australian financial companies. The 76-year-old will bow out from the chairmanship of the Australian Foundation Investment Company later this month, as will fellow septuagenarian and AFI director Don Argus .

Teele, the former boss of broker JBWere, is a man famous for his loyalty. He took up the AFI chairmanship shortly after the Australian dollar was introduced (at a rate of two dollars per pound, or for older readers 10 shillings per dollar) – in 1966. He was appointed Djerriwarrh’s chairman in 1989, just before the Soviet Union left Afghanistan. He was in the role for 24 years.