The brokerage group has announced that, effective immediately, former chief financial officer Susan Mitchell has been appointed as CEO for a three-year term.
The move comes as a surprise, given that the equity-based risk management, advice and solutions provider, AUB Group, had already announced the appointment of Susan Mitchell as chief financial officer, effective 1 June 2018.
Mortgage Choice chairman Vicki Allen commented: “We are delighted Susan has reconsidered her recently announced intention to pursue another opportunity and instead lead our business. The board has confidence that she has the necessary skills to lead Mortgage Choice.
“She is a very talented executive and her in-depth experience with the company will ensure a smooth transition of leadership.”
In her new role as CEO, Ms Mitchell will receive a base salary of $550,000 and will be awarded a one-off grant of 90,000 share rights. She may also be eligible to receive an annual short-term incentive with a maximum value of $440,000 and a long-term incentive of up to $275,000, subject to satisfaction of performance criteria determined by the board.
Ms Mitchell takes over from Mr Flavell, who completed his three-year tenure this week.
The company said that Mr Flavell had been very effective in strengthening and growing the business over the past three years and had “always conducted himself and led the business in a professional and exemplary manner”.
Mr Flavell had formerly been the executive general manager, wealth advice, at National Australia Bank’s MLC business and had held the role of CEO for three years (since April 2015). He had also held senior roles at Aussie Home Loans and RAMS Home Loans.
Ms Allen commented: “We thank John for his leadership and efforts at Mortgage Choice during his tenure as CEO and wish him well in his future endeavours.”
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.