Porges steps down as chairman of marketplace lender

The board of an ASX-listed lender has announced the election of John Nantes to the position of executive chairman.

In a trading update this week DirectMoney announced that Mr Nantes, a current director, replaces Stephen Porges who has stepped down from the chairman role and will remain as a non-executive director of the company.

DirectMoney has recently completed a $5.7 million capital raising which will fund further development of the company's technology platform, the marketing of the DirectMoney Personal Loan Fund and underpin new institutional funding initiatives, which are currently in due diligence.

“The company is on a path to establishing a leadership position in the emerging marketplace lending industry,” Mr Nantes said. “We have very clear goals and I look forward to working with the board and the management team to make them a reality.”

Mr Nantes has over 20 years of experience in financial services. Prior to being the CEO of Adcock Private Equity, he was group head of financial Services at Crowe Horwath, which held over $10 billion in funds under management and was Australia’s largest SMSF provider with over 10,000 funds.

Mr Nantes has also held various chief executive roles in financial services and senior executive roles in St. George Bank and Colonial State Bank.

[Related: DirectMoney forced to turn away new business]

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