Anthony McDonald has joined the Easton board, as the first of two new non-executive directors to be nominated by HUB24 under the transaction implementation deed entered in December.
As flagged previously, HUB24 will sell its advice group Paragem to Easton for $4 million, at the same time as taking a 40 per cent stake in Easton for $14 million.
Both HUB24 and Easton confirmed they had completed the Paragem transaction on Tuesday, while the advice group’s founder, Ian Knox declared he would be stepping down from his role as chair of the company.
Easton’s new board director, Mr McDonald, will also chair Easton’s nomination and remuneration committee.
He has been on the board of HUB24 since 2015, and is chair of the group’s remuneration and nomination committee.
He also co-founded financial planning firm Snowball Group in 2000, which merged with Shadforth in 2011 to become ASX-listed group SFG Australia. Mr McDonald is currently a non-executive director with 8IP Emerging Companies and chair of a not-for-profit.
He is also a former director of the Investment Funds Association of Australia, which is now named the Financial Services Council.
Prior to entering the financial services, Mr McDonald worked as a solicitor with two legal firms.
Easton chair Kevin White commented: “We look forward to Tony’s strong contribution to the future growth and prosperity of Easton as the board looks to reset and execute the company’s growth strategy with the support and backing of HUB24 as a strategic partner.”