subscribe to our newsletter
subscribe to our newsletter

Michael Russell eyes finance and real estate roles

Mortgage Choice’s outgoing boss has revealed that he has already been headhunted as he searches for his next leadership position.

Mortgage Choice announced in November that chief executive Michael Russell would depart at the end of this financial year.

The group said in December that he would be replaced by MLC executive John Flavell, who will join the company on 7 April as part of a transition process.


Mr Russell told Mortgage Business that he expected to take on another chief executive’s role and was also open to non-executive director opportunities.

He said he had already been approached by several parties but that the potential job offers had not appealed because they were Sydney-based roles and he wants to remain in Melbourne after six years of commuting.

Mr Russell said he would be attracted to something in retail financial services, franchising or real estate, and had identified several real estate groups with significant untapped potential.

He would also consider working in an unrelated industry, provided it was with an interesting business that had significant growth potential.

“At this stage, I haven’t turned my mind to what I’ll be doing after 1 July, because there is still a lot of unfinished work to do at Mortgage Choice over the next six months, but as we approach that date I’m sure I’ll put my head up and have a look at what opportunities are out there,” he said.

Mr Russell told Mortgage Business it was the right time to leave Mortgage Choice because he had achieved the strategic goals with which he was tasked when he joined in 2009.

“We have restored value eroded during the GFC and have established a number of new and, more importantly, sustainable opportunities for both the franchisor and franchisee to generate additional wealth from the Mortgage Choice brand,” he said.

Mr Russell said his current role has had a different focus from his previous position as chief executive of Choice Aggregation Services.

The Choice role was more about building a sustainable and profitable business from the ground up, whereas his time at Mortgage Choice has been about strategy, resource allocation and managing stakeholders such as staff, franchisees, shareholders, analysts and media, he added.

“I have always loved working with smart, motivated, self-employed people striving to build better businesses, and have found the push-pull relationship that exists between brokers and their head group to be a very healthy one when worked collaboratively,” he said.

Michael Russell eyes finance and real estate roles

Latest News

The non-major has continued to recover lost ground in the home lending space. However, a rise in interest income has not been enough to prev...

Expectations of a “significant economic shock” in the first half of 2020 have prompted both Fitch Ratings and S&P to downgrade Austr...

The prudential regulator has confirmed that it is temporarily suspending the issuance of new licenses in response to the “economic uncerta...


LATEST PODCAST: Managing the influx of COVID-19-related loans

Do you expect COVID-19 to reduce or increase your business flows?

Why we’ll keep delivering for our communities in the face of COVID-19


As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of Mortgage Business.

Read more

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.