Generation Development Group (ASX: GDG) has confirmed a significant executive transition with Chief Financial Officer Terence Wong stepping down from his role. The announcement comes as the Company continues its transformation following major acquisitions that positioned it among Australia’s fastest-growing financial services businesses.
Figure 1: Chief Financial Officer Terence Wong
The GDG ASX executive update reveals Wong will remain in his position through the completion of the first half of the 2026 financial year reporting period. He will stay with the Group until the end of June 2026 to ensure an orderly transition to incoming CFO Andrew Mellor, who brings extensive experience in public companies to the role. This GDG ASX CFO change represents a carefully planned succession that prioritises operational continuity during a critical growth phase.
GDG ASX CFO Change Marks End of Transformational Era
The departure of Terence Wong represents the conclusion of a remarkable period for Generation Development Group. Since joining the executive team in 2018, Wong has been instrumental in driving substantial shareholder value during a period of unprecedented growth and strategic expansion.
Group CEO Grant Hackett OAM praised Wong’s contributions, highlighting his pivotal role in supporting strategic initiatives. These included the acquisition and integration of Lonsec in 2024 and Evidentia in 2025, two transactions that fundamentally reshaped the Company’s market position.
Figure 2: Group CEO Grant Hackett OAM
Wong’s tenure also saw the growth of Generation Life’s investment bonds and Evidentia’s managed accounts into scalable, capital-light platforms that now form the backbone of the Company’s diversified revenue streams. The GDG ASX leadership change reflects the natural evolution of the executive team as the Company transitions from the integration phase to optimisation and expansion.
Andrew Mellor Brings Global Finance Expertise to GDG ASX Leadership
Andrew Mellor will assume the role of Chief Financial Officer effective 2 March 2026. His appointment brings a wealth of public company CFO experience and expertise across finance, strategy and capital markets to Generation Development Group. This key element of the GDG ASX executive update signals the Board’s commitment to maintaining financial excellence.
Most recently serving as Group CFO of PointsBet Holdings Limited, Mellor led finance and investor relations through a period of global expansion. His responsibilities included IPO execution and significant capital raisings, experience that aligns closely with GDG’s ambitious growth trajectory. Before PointsBet, Mellor spent nearly 20 years at Credit Suisse across London, New York and Hong Kong, holding senior roles in APAC credit and equity markets. He is a Chartered Accountant with the Chartered Accountants Australia and New Zealand and holds a Bachelor of Economics from Monash University.
Strategic Timing of GDG ASX Executive Update
The timing of this GDG ASX leadership change comes at a pivotal moment for the Company. The 2025 financial year delivered underlying profit after tax of AUD 30.2 million, representing an almost threefold increase from the previous year. The Company’s inclusion in the ASX 200 in April 2025 marked formal recognition of its exceptional growth and market position.
Generation Life achieved record inflows exceeding AUD 1 billion during the 2025 financial year, a milestone the Executive Chairman identified as a three-year aspiration just 12 months earlier. The Company captured 57 per cent of annual market inflows, demonstrating its dominant position in the investment bonds sector. Total funds under management for Investment Bonds reached AUD 4.4 billion, representing an impressive 27 per cent annualised growth over three years. The GDG ASX CFO change occurs at a time when the Company’s financial foundations are firm.
Board Response to CFO Transition at Generation Development Group
Executive Chair Robert Coombe expressed sincere gratitude for Wong’s leadership during a period of substantial growth for Generation Development Group. The Company’s inclusion in the ASX 200 represented a crowning achievement of Wong’s tenure, validating the strategic direction and financial management that characterised his time as CFO.
Coombe welcomed Mellor to the executive team, emphasising that his proven public company CFO experience and global capital markets expertise would be strong assets. The Board views Mellor’s track record of scaling finance functions as particularly valuable as the Company continues to execute its strategy and deliver value for shareholders. His appointment reflects the Board’s commitment to ensuring the finance function can support the Company’s next phase of growth following this important GDG ASX leadership change.
Integration of Major Acquisitions Under Wong’s Financial Leadership
Under Terence Wong’s financial stewardship, Generation Development Group completed two transformational acquisitions that fundamentally altered its business composition. The acquisition of remaining interests in Lonsec was completed on 1 August 2024 for consideration of AUD 361.6 million, bringing the Company’s total holding to 100 per cent and transitioning Lonsec from associate to subsidiary.
The Evidentia acquisition, completed on 18 February 2025 for AUD 352.3 million, created a combined AUD 25 billion managed accounts business. Together, Lonsec Investment Solutions and Evidentia Group established Generation Development Group as the market leader in managed accounts. These strategic moves required sophisticated financial planning, capital management and integration oversight, areas where Wong’s expertise proved invaluable during the execution phase. The successful completion of these deals prior to the GDG ASX executive update demonstrates effective long-term succession planning.
Record Revenue Growth During CFO Tenure Period
The financial performance during Wong’s tenure as CFO demonstrates the effectiveness of the Company’s strategic initiatives. Total revenue for the 2025 financial year reached AUD 127.6 million for the operating segments, compared to AUD 36.9 million in the prior year. This substantial increase reflected both organic growth and the contribution from acquired businesses.
Managed Accounts Funds Under Management grew 49 per cent, finishing the year at AUD 29.6 billion. This reflected the strength of both Lonsec Investment Solutions, which grew 39 per cent, and Evidentia Group, which expanded 60 per cent. The diversification of revenue streams across investment bonds, research and ratings, and managed accounts positioned the Company for sustainable long-term growth beyond any single market segment. These achievements set a strong foundation as the Company navigates the GDG ASX CFO change.
Share Price Performance Validates Financial Strategy
Generation Development Group shares are currently trading at AUD 5.950. The Company commands a market capitalisation of AUD 2.33 billion, reflecting strong investor confidence in its strategic direction. Over the past 52 weeks, GDG shares have traded within a range of AUD 3.460 to AUD 7.770 per share, demonstrating market volatility while maintaining an overall upward trajectory.
Figure 4: Generation Development Group (ASX: GDG) share price performance over a six-month period.
FAQ
Q1. Who is replacing Terence Wong in the GDG ASX CFO change?
Ans. Andrew Mellor will replace Terence Wong as CFO effective 2 March 2026 in this significant GDG ASX leadership change. Mellor brings extensive experience as the former Group CFO of PointsBet Holdings Limited and nearly 20 years at Credit Suisse across global markets.
Q2. When will Terence Wong officially leave Generation Development Group following the GDG ASX executive update?
Ans. Wong will remain as CFO through the first half of 2026, reporting and staying until the end of June 2026 to ensure a smooth transition to Andrew Mellor. This GDG ASX CFO change timeline ensures operational continuity.
Q3. What were Terence Wong’s major achievements during his tenure at GDG ASX?
Ans. Wong drove substantial shareholder value since 2018, supporting Lonsec and Evidentia acquisitions, achieving ASX 200 inclusion, and delivering underlying NPAT of AUD 30.2 million in 2025. His leadership defined this era before the GDG ASX leadership change.
Q4. How has the GDG ASX share price performed during Wong’s tenure before the CFO change?
Ans. GDG share price delivered a 370 per cent three-year total shareholder return, vastly outperforming the market. The Company achieved ASX 200 inclusion with a current market capitalisation of AUD 2.33 billion, validating the timing of this GDG ASX executive update.
