QSuper promotes Michael Pennisi as new CEO

QSuper has promoted its chief strategy officer, Michael Pennisi, as its new chief executive replacing Rosemary Vilgan who leaves the fund after 27 years.

Announcing the appointment, chairman Karl Morris, said Pennisi has 26 years of experience in senior executive roles with some of the country's largest super funds, investment management, and financial planning firms.

"He has a wealth of experience in the financial services industry and as chief strategy officer has played a significant role in guiding the direction of the fund with the board," Morris said.

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Pennisi has held various senior roles at QSuper, and over the past five years has been responsible for driving the fund's strategy, including its product and service offering.

"I am passionate about our members, our purpose, and our people. Our focus remains unchanged… This is a huge responsibility and one which drives us as a fund to continue to deliver the best possible products, services, and advice for our members," Pennisi said.

"Rosemary's passion for members and leadership of the organisation has been outstanding. She leaves a lasting legacy."

Pennisi will commence his new role on 26 October.

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Nice work if you are in the team, Mr Pennisi s salary package is set to increase from some $630,000 to about $1,000,000. Question - what would he be paid in the real world ? I suspect he would not earn enough to feed himself

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