Good evening,

An exodus of top Cbus executives has eyes fixed on the $85 billion construction industry super fund giant.

In the days since we reported Alexandra Campbell had resigned as deputy chief investment officer and head of private markets of Cbus, Street Talk has tallied up the number of executive-level exits in the past year.

Since December, chief risk officer Wade Martin has jumped ship to UniSuper, head of total portfolio management Mark Ferguson is out after three years, and sources say head of risk management Belinda Langdon has one eye on the exit.

Meanwhile, chief executive Justin Arter retired this month, head of people and culture Kristin Miller has been at MLC Life Insurance since October, group executive of brand, growth and product Antony Thow has exited and chief financial officer Keith Wells-Jansz has popped up at TelstraSuper.

While a new chief executive can often result in an executive cleanout, several sources have contacted Street Talk this week pointing to issues within Cbus’ corporate culture, which have led to at least some of the departures.

“Since Cbus renewed its business strategy in FY2024, the fund has undergone executive and structural changes to ensure it can continue to deliver the best possible retirement outcomes for our more than 900,000 members,” a Cbus spokesperson told Street Talk this evening.

Campbell, described by one internal source as a “top-notch operator”, joined Cbus in 2020. As head of infrastructure, she was charged with formulating an investment strategy and overseeing a portfolio of some $9 billion of funds under management. Just over two years later, she was elevated to head of private markets where her remit broadened to cover $25 billion of funds under management. That was followed by another promotion, six months later, to deputy chief investment officer.

Campbell did not respond to requests for comment – last week or this evening.

Read the full story tomorrow and more on the Street Talk page.

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