Current LGIAsuper chief executive, Kate Farrar, has been appointed to lead the merged LGIAsuper and Energy Super from 1 July, 2021.
LGIAsuper chair, John Smith, said Farrar had improved member outcomes and satisfaction, lowered the fund’s cost of providing administration services by 30% and grew the fund by $2 billion.
“Her history of working in the energy sector also ensures that she understands not only LGIAsuper’s members, but also the industries in which many of Energy Super’s 48,000 members work,” Smith said.
“As well as being a current member of LGIAsuper, Kate was herself an Energy Super member during her years in the sector.
“Both boards are confident that Kate will lead our combined organisation to be a strong, boutique, Queensland-centric superannuation fund that will generate better outcomes for members.”
Prior to LGIAsuper, Farrar was the chief operating officer of Ergon Energy Retail, the chief executive of QEnergy, and senior implementation leader for McKinsey.
Farrar said her role was an opportunity to “build a sustainable boutique super fund focused on what outcomes members want, and base on the unique strengths of LGIAsuper and Energy Super”.
“Over the coming months, I will be meeting with Energy Super and LGIAsuper members to understand how our combined fund can best deliver for them and help them achieve their retirement goals,” she said.
Energy Super chair, Richard Flanagan said current Energy Super chief executive, Robyn Petrou had done an “outstanding job leading” Energy Super for over 12 years.
“Her contribution to the fund will continue through the planned transition period, and both she and Kate are committed to working together to ensure this merger is a success for our people and our members,” Flanagan said.
“With Kate leading the next stage of our growth, we will see a continued focus on operational excellence, personal service and an ongoing commitment to improving the lives of our members in retirement.”