Funds SA, the $40 billion investment corporation owned by the Government of South Australia, has appointed John Piteo to the role of chief executive, concluding a seven-month search.
Piteo takes up the reins from Jo Townsend, who had worked as CEO for eight years and announced in February that she would step down later this year.
Piteo has been chief operating officer at the corporation since 2016. Prior to this, he was chief financial officer, holding the position from 2004.
He has been with Funds SA since 1995.
“John has strong leadership skills, experience, and expertise in financial management. He is very committed to Funds SA and his organisational knowledge sees him very well placed to continue the strategic direction established over recent years,” said Funds SA chairman, Paul Laband.
Funds SA is the investment corporation owned by the Government of South Australia, managing investment portfolios on behalf of South Australia’s public sector super funds and approved public authorities across a range of different sectors.
Piteo was the unanimous choice of the board and his appointment is made by Her Excellency the Governor of South Australia in accordance with the Superannuation Funds Management Corporation of South Australia (Funds SA) Act 1995.
Piteo said it was an honour and privilege to take up the role.
“The organisation plays a pivotal role in the financial wellbeing and prosperity of many South Australians, and I am deeply humbled by the responsibility it carries. I am thrilled to have the opportunity to lead the exceptional and diverse team at Funds SA as we continue to work hard every day to generate strong investment outcomes for our clients,” Piteo said.
He will commence in the role from 30 September 2023.
