Co-group CEO of specialist lender made redundant

Following a period of “substantial and sustained growth” over the past seven years, led by co-group CEO’s Patrick Tuttle and Michael Culhane, the company has now decided to go forward with one group CEO.

As such, Michael Culhane has assumed the role of CEO, effective immediately. He will continue in his role under the same terms of his existing employment and incentive arrangements.

Chairman Seumas Dawes paid tribute to Mr Tuttle’s personal contribution and long service to the company, which has spanned nearly 16 years.

Mr Dawes said: “Patrick has been instrumental in both the Australian and international growth and ASX listing of Pepper. The board thanks Mr Tuttle for his very significant contribution and wishes him all the very best in his future endeavours.”

Mr Tuttle said: “Whilst I am disappointed with this decision, I take enormous satisfaction in knowing that I leave the company in a strong financial position, well placed to continue its commercial success in all of the markets in which it currently operates.

“I have had a passion for this company and all its employees since joining in 2001 and will greatly miss their camaraderie and the cut and thrust of what continues to be a dynamic, innovative and ground-breaking Australian business.”

Mr Dawes concluded: “Pepper Group has a strong and highly experienced global leadership team and we are confident that they will continue to successfully deliver on our strategy under Michael’s leadership.”

Mr Tuttle ceased to be a director of the company and all its subsidiaries and associated companies on Friday, 31 March 2017.

[Related: Pepper breaks record with $900 RMBS transaction]