April 4 (Reuters) - Australian wealth manager IOOF Holdings Ltd (IFL) on Thursday said Allan Griffiths was elected as its non-executive chairman and the firm's former managing director Christopher Kelaher would leave the company by "mutual agreement".
Griffiths has been acting chairman since December last year, when Chairman George Venardos, along with Kelaher, stepped aside to contest disqualification proceedings against them launched by the Australian Prudential Regulation Authority (APRA).
IOOF's reputation was damaged by an inquiry into financial-sector misconduct last year. APRA said it had identified three occasions when units of IOOF had used money belonging to pension fund customers to compensate them for losses caused by the company.
News: IFL IOOF Holdings says Griffiths elected chairman, ex-MD Kelaher to leave co
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