Omni Bridgeway chief executive and managing director Andrew Saker is stepping down after eight years at the helm of the ASX-listed litigation funding business.
Omni Bridgeway chief executive and managing director Andrew Saker is stepping down after eight years at the helm of the ASX-listed litigation funding business.
He will be replaced by executive director, managing director and chief investment officer of Omni Bridgeway's Europe, Middle East and Africa operations, Raymond van Hulst.
Mr Saker, who was a partner at Ferrier Hodgson for 16 years before joining the company, said he believed it was the right time from a corporate governance perspective to hand over as chief executive.
He will stay on as a consultant in a non-executive adviser role for an initial one-year period, with incoming MD Mr van Hulst set to take up his new position on October 26 this year.
Omni Bridgeway chairman Michael Kay said Mr Saker had been an extraordinary CEO since succeeding the company’s founder in January 2015.
“Andrew and his team have built a truly global platform with businesses in Australia, the United States, Asia, the UK, continental Europe, and the Middle East,” Mr Kay said.
“The company has transformed from a balance sheet funder to a co-investor and manager of non-recourse funds investing in legal assets in eight funds managing approximately $3 billion.”
IMF Bentham acquired Omni Bridgeway in a deal worth approximately $141 million in 2019.
Prominent Perth lawyer Michael Bowen retired as a non-executive director of Omni Bridgeway in 2022.
Former crown prosecutor and Bentham IMF founder Hugh McLernon stayed with the company after the merger and retired from the board in 2021.
The company has a team of lawyers in Perth led by general counsel Jeremy Sambrook.
Omni Bridgeway shares closed the day down 6.44 per cent to trade at $3.63.
