Gary Weiss, the powerbroker in Crescent Capital’s $242 million takeover of ClearView Wealth, must wait until next June 30 to become chairman following a deal between the groups and the Australian Prudential Regulation Authority.

Under the agreement to ensure an orderly transition, current ClearView Chairman Ray Kellerman and board member Susan Thomas will stay in place after the takeover.

Next June, when Mr Weiss becomes chairman, Crescent founder Michael Alscher and Macquarie executive Michael Lukin will also join the ClearView board. In the meantime, Mr Weiss will join the board as a non-executive director.

The bid, which has been extended to Friday, is now unconditional. Crescent, a private equity group, has received acceptances for 72% of ClearView shares.

After the takeover ClearView will remain listed on the stock exchange. Minority shareholders include Mr Weiss, who has increased his stake from 2.7% to 4.6%, Gary Burg, who has 2.8%, and Laurence Nestadt with 2.6%. CEO Simon Swanson, who will keep his job, owns 2.5%.

Macquarie Group will be a shareholder but Investec bank and its private equity investment group have sold their 8.07% holding.

Mr Weiss drove the purchase of a 47.8% stake in ClearView when he was a director of Guinness Peat Group (GPG). He left GPG last year and helped engineer Crescent’s purchase of the GPG stake, on which the takeover depended.