The chief executive of a major aggregator and head of lending at an ASX-listed mortgage group will step down from his position at the end of the year.
Yellow Brick Road announced yesterday that Tim Brown, CEO – lending, will be stepping down from his position in the company effective 31 December 2016.
Executive chairman Mark Bouris said the role will not be replaced and the two existing roles of general manager for the Yellow Brick Road and Vow Financial networks respectively will become more responsible for growing and driving productivity in the lending division.
“In line with the previously announced restructure of corporate operations this year, senior managers and I have been adopting additional responsibilities, with a major focus on achieving efficiencies and network productivity,” Mr Bouris said.
“The appointment of new personnel to the existing general manager roles has begun with the announcement of Andrew Rasby as the general manager — lending (Yellow Brick Road).
“The appointment of a new general manager — lending (Vow Financial) will be announced in due course.”
Mr Bouris said the establishment phase of YBR is nearing completion and the group has a clear strategy to increase productivity and conversion in its networks.
“Deepening the responsibility for two very hands-on general managers to drive those networks forward makes good sense for this stage of our business growth,” Mr Bouris said.
Mr Bouris thanked Mr Brown for his contribution to the company over two years and wished him well for the future. Mr Brown was CEO of Vow Financial for five years.
Last month YBR announced that its loan book had grown by a nearly a quarter since the prior comparative period (PCP) in FY16. It is thought that this is partly due to the acquisition of mortgage manager Loan Avenue earlier this year.
As well as strong mortgage book performance, the group delivered $3.9 billion in settlements during the first quarter of the financial year 2017, the third highest result in the group’s history.
While the result was 3 per cent down on the first quarter of the financial year 2016, the higher-margin Yellow Brick Road lending business saw settlements grow at 18 per cent on PCP behind sustained enquiries.
[Related: Non-bank sees mortgage book rise 24%]