ASX-listed mortgage group Yellow Brick Road has announced a significant reshuffle of its executive team as it looks to grow its loan book to $100 billion by 2020.
YBR executive chairman Mark Bouris has shuffled the CEO portfolios of his existing leaders into two key areas: lending and wealth management.
In a statement, YBR said the new structure includes three key group roles. Former Vow Financial boss Tim Brown has been appointed CEO for lending, while Matt Lawler will drive the group’s wealth business as CEO for wealth management.
Scott Graham continues as chief commercial officer.
YBR said the changes reflect the group’s decision to leverage two businesses and strive to achieve ambitious group goals.
Mr Bouris said the new business structure will change to now span the two companies and realign with the company’s core business units – lending and wealth management.
The former leadership structure was shaped by two separate business entities: Vow Financial (CEO Tim Brown) and Yellow Brick Road (CEO Matt Lawler). The new business structure sees the roles operate companywide supporting strategic verticals.
Meanwhile, YBR’s chief commercial officer Scott Graham will oversee the company’s operations.
Mr Bouris said that the companies had begun working more closely but that this was the next step to achieve some big company-wide goals in the coming years.
In pursuit of becoming “the leading non-bank financial service company in Australia”, YBR’s key medium-term deliverables include a$100 billion loan book by 2020, 30 per cent wealth clients by 2020, 300 branded branches and 1,000 broker groups by 2020.
“Our intention in 2016 is to double down on our wealth activities and maintain the momentum in our lending businesses. As a result I have re-appointed our current CEOs portfolios to align with the two business units and reflect their individual expertise and strengths,” Mr Bouris said.
New CEO – lending Tim Brown has over 30 years’ experience in the banking and finance industry where he has held senior management positions in organisations such as Macquarie Bank, LJ Hooker, Suncorp, Aussie Home Loans and AVCO Finance (now GE Capital).
“Tim has significantly grown the Vow Financial network and turned the business into an aggregator powerhouse since joining the business. He will lead the charge in sales and distribution of products and branch/broker productivity across the Yellow Brick Road group of companies including RESI, Vow Financial and Yellow Brick Road,” Mr Bouris said.
Meanwhile, CEO –Wealth Management Matt Lawler has over 25 years of senior wealth experience across investments, insurance and financial planning. He worked for MLC Wealth for over 22 years culminating in his appointment to the role of executive general manager MLC Advice and Distribution before joining as CEO of Yellow Brick Road.
“Our ambition is to dramatically accelerate our wealth activities using the foundation of our strong distribution platform,” Mr Bouris said.
“Matt will increase the volume of mortgage customers who are given wealth management advice and products, whilst ensuring innovation in our wealth offerings and a significant expansion of our wealth providers across Australia,” he said.
Chief Commercial Officer Scott Graham will support Mr Lawler and Mr Brown, continuing to oversee commercial strategy, marketing, media and investor relations.
In addition, Mr Graham will now oversee the organisation’s business and IT platforms and manage relationships with the major strategic partners.
“Our company goals are ambitious but with the new structure in place we will be well-placed to achieve them,” Mr Bouris said.
“I’m confident these leaders have the drive, experience and knowledge to propel Yellow Brick Road Holdings forward towards our big objective to become the leading non-bank financial services company in Australia.”
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