C-suite roles in superannuation have undergone a “dramatic transformation” recently, prompting the high level of movement seen in recent months.
In the past six months, HESTA chief executive Debby Blakey has announced her departure, legalsuper CEO Luke Symons, ESSSuper chief executive Robby Campo, Equip Super’s Scott Cameron and Bill Watson from First Super.
As well as this, other C-suite movements include legalsuper chief investment officer, Andrew Lill, HESTA chief operating officer Stephen Reilly and Rest head of investment strategy Andrew Thomas.
As for what has prompted this high level of movement, Claire Tate, managing director of financial services recruitment firm Keegan Adams, said the roles have changed dramatically from their previous responsibilities.
This level of pressure is in place regardless of fund size- at the largest funds, they are exposed to public scrutiny with complex internal frameworks while smaller funds are navigating the same regulatory and technology landscape but working with far smaller and limited budgets.
Speaking to Super Review, she said: “C-suite roles have undergone dramatic transformation. Previously, a CIO or COO could be heavily focused on investment or operations. Today they have half a dozen priorities to address all at once. They must simultaneously navigate regulatory scrutiny, tech transformation, cybersecurity, retirement solutions strategy and member expectations, and have the deep experience and know-how to balance and succeed at every one.
“Meanwhile boards are demanding that leaders build and retain teams for the next phase of the industry – in a market where talent is tight. The pressure is immense. And at smaller funds these huge pressures are on the team to deliver with minimal resources.”
When it came to movement between funds – ESSSuper’s Campo is to join HESTA while legalsuper’s Symons will join Equip – Tate said there are only so many suitable individuals for the roles based on their level of experience. Others were joining the funds for set periods of time to complete a project then on the hunt for their next role.
“There is a finite pool of individuals that have operated across large scale transformation, internalisation of investment functions, mergers, regulatory pressure and investment complexity.
“So anytime there’s movement, it’s poaching season. That combination of experience is rare and in huge demand across the industry, so C-suite changes have a domino effect.
“Below C-suite you have some ‘Head of’ roles that, having built what they were brought in for, look to move on and find that mid-tier superfunds can’t compete on the same compensation levels. Instead we see some move into family office or funds environments, which offer security, diversity and control.”
When it comes to recruiting at this level of seniority, the recruiter said funds must be realistic about the salary they can offer as well as the existing leadership structure in place on the fund.
“Funds must be realistic about what they can achieve with their budget. Even though many leaders in super are attracted by the idea of being part of a growth role i.e. a smaller fund, the salary differences are just too big to swallow.
Boards want chief executives that can manage regulators, investors, employees and members. But if a fund can’t attract the top candidates, it should think creatively about a leadership structure that combines skillsets to achieve the same outcomes.”
