Perpetual Ltd, a fund manager in Australia, announced today that its chief executive officer David Deverall has resigned from the company citing personal reasons. The shares of Perpetual fell over 1.5% in today’s trading. However, Perpetual today reaffirmed its annual profit guidance for the year to June 30, 2010.

Perpetual said today in a statement to the Australian Securities Exchange that Mr. Deverall has decided to quit as the chief executive officer of the company after serving the company for more than seven years. Perpetual said that Mr. Deverall cited some personal reasons for this move. Perpetual thanked Mr. Deverall for his contribution over the period he served the company.

“The board understands David's decision and has accepted his resignation with regret and wishes him well,” said Bob Savage, chairman of Perpetual, in a statement to the Australian Securities Exchange.

Perpetual said that it has started searching a new CEO and Mr. Deverall will remain with the company until a new chief executive is found or until 31 March, 2011.

Perpetual also reaffirmed its profit guidance for the year ending June 30, 2010. The company said that it is expecting an underlying after tax profit for the year in a range of $A65 million to $A75 million. Perpetual expects net profit for the year in a range of $A85 million to $A95 million.