The Challenger Ltd (ASX: CGF) share price has jumped today after the retirement income and investment company announced it has appointed a new CEO.
Nick Hamilton will replace former CEO Richard Howes, who retired in August this year.
At the time of writing, the Challenger share price sits at $6.70, a rise of 1.50%.
More on the appointment
After operating as chief executive of Challenger’s Fund Management business since 2019, in which he oversaw funds of up to AUD$100 billion, Mr Hamilton will take over the reins on 1 January 2022.
However, the company said today Mr Howes would remain available in the first quarter of next year to oversee the transition.
Chair Peter Polson said Mr Hamilton’s appointment came after an extensive search process amongst a number of candidates.
Under his leadership, our Funds Management business has gone from strength to strength and is now one of the fastest growing active asset managers in the country…
With a deep understanding of our business, a clear vision for the future and the acumen to maximise the significant opportunities ahead, Nick is ideally placed to lead Challenger through this exciting next chapter.
How has the Challenger share price performed this year?
Challenger shares have had a mixed year, recovering from a major drop of more than 27% in mid-April following the release of a disappointing third-quarter update.
The Challenger share price rebounded in early July with the announcement that leading international retirement services company, Athene, and Apollo Global Management, agreed to buy a 15% minority interest in Challenger from an existing approval.
The company has a market capitalisation of almost AUD$4.5 billion and a one-year return of 15.9%.
The post Here’s why the Challenger (ASX:CGF) share price has lifted today appeared first on The Motley Fool Australia.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Challenger Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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