George Venardos to replace Roger Sexton as chairman of IOOF

George Venardos is set to replace Roger Sexton as chairman of financial services group IOOF next month.

Roger Sexton will step down at the IOOF’s annual general meeting on November 24. (Aaron Francis/The Australian)

Financial services group IOOF has announced the retirement of chairman Roger Sexton after four years in the role.

Dr Sexton will formally stand aside at the group’s annual general meeting on November 24, with his position to be assumed by current director George Venardos.

Dr Sexton has been a director on the board since IOOF (IFL) first listed in 2002, while Mr Venardos became a director in 2009.

“Whilst I continue to remain very excited about IOOF’s future, I have decided that now is the right time for me to pass the responsibility of board leadership to my successor,” the outgoing chairman said.

His replacement currently serves as a director on the boards of the ASX-listed Bluglass (BLG) and Ardent Leisure (AAD).

“I am looking forward to moving into the role of IOOF’s chairman following the AGM. Roger and I have worked together for many years and I will be working closely with him over the next few weeks to ensure a smooth transition,” Mr Venardos said.

Mr Venardos’ vacant position as non-executive director will be taken by John Selak, who most recently served as a partner in Ernst & Young’s corporate finance practice and is also on the boards of Corsair Capital and National Tiles.