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Former QBE treasury exec joins Pepper Group

Former QBE treasury exec joins Pepper Group

The non-bank lender has announced that it has replaced its current group treasurer, Todd Lawler, with ex-QBE executive Paul Byrne.

Mr Byrne, who held a similar role at QBE Insurance prior to joining Pepper, will help prepare the non-bank lender for global growth.

Pepper explained that it is seeking to “optimise cash flow, strengthen the balance sheet and diversify the debt investor base” to foster this growth.

“His experience at both QBE and before that, Permanent TSB in Ireland, provides him with the important global experience the group requires to facilitate the company’s efforts in driving further growth in its lending and servicing businesses across Europe and Australia,” the non-bank lender said.

Mr Lawler will leave Pepper as a result of the new appointment.  

“Pepper wishes to acknowledge the important contribution Todd has made to the business, particularly in Australia, and for his commitment to developing innovative structures in the securitisation market in Australia,” the non-bank lender continued.

Mr Byrne starts his new role as Pepper’s group treasurer on 28 May 2018.

Patrick Tuttle, the former CEO of Pepper Group, was also made redundant in April 2017 after the lender decided to “consolidate the CEO role”, leaving Michael Culhane in charge. Mr Tuttle subsequently joined HashChing’s board of directors.

Earlier this year, Pepper announced pricing its first RMBS at $1 billion, after attracting strong oversubscription exceeding $2 billion. Pepper has issued more than $11.6 billion of RMBS across 26 non-conforming and prime RMBS issues to date.

The non-bank lender had accepted a $675 million takeover offer from California-based investment manager KKR in August 2017, after which it delisted from the Australian Securities Exchange. The actual KKR-owned entity that acquired Pepper is Red Hot Australia Bidco.

[Related: Non-banks ‘live or die’ on loan quality]

Former QBE treasury exec joins Pepper Group
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