Investment chief Bruce Teele goes out on a high THE veteran chairman of Australia's biggest listed investment company is leaving on a high note, announcing his retirement as the group's profitability surges. Bruce Teele, who has served on the Australian Foundation Investment Company board for 47 years, will step down at the group's annual meeting in October. Mr Teele, 75, revealed yesterday he was retiring from the post as the company announced its net profit had jumped 10.4 per cent in the year to June, compared with the previous year. He will be replaced by Terry Campbell, the chairman of Goldman Sachs in Australia and New Zealand. Former BHP Billiton, National Australia Bank and Brambles chairman Don Argus will also be leaving the board after 14 years. "The company and its shareholders have greatly benefited from their experience, wisdom and strong commitment to the best interests of shareholders," AFIC managing director Ross Barker said. The listed investment company posted a net profit for the year to June of $242.8 million, up from $219.9 million the previous year. AFIC's portfolio return for the year was 24.4 per cent compared with the ASX 200's 22.8 per cent. But the company cautioned the outlook this financial year could be affected by the bleak sentiment among households and businesses. Mr Barker said it had "further compounded concerns," with the "outlook for corporate profitability and the upcoming federal election weighing on investor sentiment." AFIC focused on high yielding stocks such as Telstra and Wesfarmers last financial year. It also invested in Suncorp, QBE Insurance, Coca Cola Amatil and CSL. AFIC will pay a final dividend of 14c a share fully franked, up from 13c last year. Shares in the group closed 0.5 per cent higher yesterday at $5.59. The reporter owns AFIC shares.