Alan Dixon stands down as executive at Evans Dixon

Alan Dixon, the business partner of former Essendon chairman David Evans, has resigned from his role at the financial empire he and Evans established.

Alan Dixon (left) has resigned from his role at Evans Dixon.

The business partner of ex-Essendon chairman David Evans has resigned all executive duties with the financial empire the two men created.

The company told the Australian Stock Exchange late on Thursday that Alan Dixon, who had been on extended leave since June, would not be returning to any executive positions with Evans Dixon Limited.

He will remain as a non-executive director of the company formed when he and Mr Evans merged their wealth management businesses in 2017, but will not accept director’s fees.

He remains the largest shareholder of the Evans Dixon company. The company’s shares held steady at 79 cents on Thursday, down 70 per cent from the $2.50 a share when it floated on the ASX in May last year.

Investors have taken a bath on Evans Dixon, with mum and dad stockholders, mainly Evans or Dixon advisory company clients, left badly out of pocket, alongside celebrity backers including Greg Norman and Kerry Stokes.

Alan Dixon was a co-founder of Investment and Wealth Management Group Evans Dixon.

In the statement to the ASX after the market closed on Thursday, the company said Mr Dixon had advised the board he was permanently stepping down from executive duties from October 31.

“Mr Dixon will continue as a non-executive director of ED1 and will not seek directors’ fees from this ongoing role. Mr Dixon will forgo part of his bonus for the six-month period to December 2019 and instead receive $280,000,’’ the company said.

The Canberra-born, New York-based Mr Dixon resigned as CEO of the Australian parent company in June and had been working on various American arms of the business, attempting to turn around the company’s struggling URF real estate company, which has been slashing staff, closing its New York head office and relocating to New Jersey, and winding up its construction arm.

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In August, he also decided to take an extended leave of absence from the URF.

He has now decided not to return to executive duties at all. The US Masters Residential Property Fund, which is listed as the URF on the ASX, was trading at 65 cents on Thursday, down from $1.57 a year ago.

Evans Dixon under new CEO Peter Anderson is restructuring, cutting costs and attempting to turn the share price around.

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