Michael Heine’s departure is part of the company’s succession plan and his son Matt Heine, current joint managing director, will become sole managing director.
The managing director of wealth management company Netwealth, Michael Heine, will step back from “day-to-day management” as the company marked record inflows of $13 billion for the year ending June 30.
Mr Heine’s departure is part of the company’s succession plan and will come into effect from October 1. His son, Matt Heine, current joint managing director, will become sole managing director while Michael Heine will become an executive director. Netwealth will pay a fully franked dividend of 10¢ per share, totalling $24.4 million, payable on September 29, 2022.“It’s time for the young fella to do some work,” Michael Heine quipped during the Wednesday morning investor briefing.“I started this company 20-odd years ago, we had some expectations of where it would go and how it would grow,” said Mr Heine.
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