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Ex-Clarien co-CEO to lead bank’s parent company

A bank chief who left Clarien Bank three months ago is to join its parent company in a top role.

Zoran Fotak — who left Clarien Bank earlier this year — will become CEO of CWH Ltd, which is the 80 per cent majority shareholder in Clarien Bank.

Mitchell Hedstrom, who is on the board of directors of Clarien Group, a 20 per cent minority shareholder in the bank, is to replace Keith Stock as chairman of CWH, although Mr Stock will continue to have a seat on the board.

Mr Fotak is a board member of Clarien Group, of which he was a co-founder. He left his post as co-CEO of Clarien Bank in October, although he had been on leave since July.

Ian Truran, who had been co-CEO of the bank with Mr Fotak, continued in the top job.

Mr Fotak was with St George's Asset Management before joining Clarien Bank and has more than 25 years of senior financial services experience, including time as a director of Merrill Lynch International Bank in the US.

Mr Hedstrom, also a founder of Clarien Group, is former senior adviser to the emerging markets group of Alliant Insurance.

He was previously managing director and business risk executive at TIAA-DREF and served as a consultant to the Bermuda Monetary Authority on the Basel II accord on banking laws and regulation in 2007.

Zoran Fotak

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Published December 16, 2014 at 8:00 am (Updated December 15, 2014 at 8:37 pm)

Ex-Clarien co-CEO to lead bank’s parent company

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