Scyne Advisory commenced its trading journey with the announcement of former Telstra executive John Mullen as its inaugural chairman on November 13. The breakaway firm from PwC Australia, officially marking its launch, introduced Mullen, an experienced businessman, to lead its board.
Allegro Funds, a private equity group, gained regulatory approval to acquire Scyne Advisory, which was previously PwC Australia’s government consulting division, on November 6. The acquisition followed PwC's sale of the business in June for A$1 ($0.65) amidst a tax leaks scandal involving the disclosure of confidential government information related to future tax legislation to clients and partners.
John Mullen, renowned for his chairmanship at Telstra and with an extensive three-decade career, expressed enthusiasm about joining Scyne Advisory's board. He stated, “Scyne Advisory is a new business, already operating at scale, that is well positioned to disrupt the industry – the opportunity to be involved on its board was too attractive to pass up.” Mullen brings his leadership from diverse sectors, having chaired entities like the Australian National Maritime Museum and serving as CEO of DHL Express. Presently, he chairs listed Australian companies Brambles and Treasury Wine Estates.
The board of Scyne Advisory welcomes Mullen alongside former Australian Federal Court judge Andrew Greenwood, Allegro co-founder Adrian Loader, and partner Fay Bou. The company anticipates appointing two more directors soon, emphasizing the importance of maintaining a high-performing and diverse board.
Adrian Loader, discussing Mullen's role, acknowledged the value Mullen would bring to Scyne Advisory. Loader remarked, “He will bring valuable governance disciplines, as well as his perspective and experience in leading organizations through transformation, which has previously required him to innovate and upend conventions in different industries. His insights and direction will be indispensable in transforming Scyne.”
Following the tax leaks scandal involving PwC Australia, over 100 partners from the firm have reportedly agreed to join Scyne Advisory, according to earlier reports.
The appointment of John Mullen as chairman signifies a pivotal moment for Scyne Advisory as it forges ahead with a vision to provide specialized advisory services to governments, aiming for a disruptive impact on the industry.
By fLEXI tEAM