Goldfields Money appoints acting CEO

WA-based lender Goldfields Money has announced the appointment of Michael Verkuylen as its acting CEO following the termination of David Holden last week.

Mr Verkuylen is currently the lender’s chief financial officer and company secretary, and will act as the CEO while the board seeks to recruit a permanent replacement.

Goldfields Money has also appointed Robert Whittingham as its joint company secretary to work alongside Mr Verkuylen. Mr Whittingham is currently the lender’s risk and compliance manager.

Since it demutualised in 2012, Goldfields Money said its board has continued its renewal plan which has resulted in three out of five directors being retired and replaced.

The lender said its two longest-serving board members – William McKenzie and Allan Pendal – have both indicated their intentions to retire at the 2015 and 2016 annual general meetings respectively.

“Accordingly, the board is undertaking a selection and appointment process for new directors to replace Mr McKenzie and Mr Pendal ahead of their retirement dates,” Goldfields Money said in an ASX update.

“This board renewal plan will ensure there is an adequate level of continuity of the board, whilst also ensuring board renewal over a reasonable timeframe. A successor to Mr Pendal as the chairman will be considered as part of this process.”

The boutique lender revealed in August that strong growth in lending activity delivered a 14 per cent rise in net interest income, reporting a statutory net profit after tax of $139,951 for the last financial year.

While lower than last year’s result, Goldfields said this figure included impairment losses related to software development costs. Excluding those items, post-tax profit was up 50 per cent to $285,197.

The results came on the back of a 23 per cent rise in the value of loans under management, up $27.5 million to $145.8 million.

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