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Plenti announces new CEO

The lender has named its new CEO set to enter the role in late July.

Plenti Group Limited (Plenti) has announced Adam Bennett as the successor to the role of CEO, replacing current CEO Daniel Foggo, who is set to retire from the position. Bennett will take up the CEO role from 22 July 2024.

Plenti has confirmed that Foggo will remain a director and significant shareholder of the company and will continue to “actively support the company’s growth initiatives”.

Foggo and Plenti’s executive team (including co-founders Ben Milsom and Glenn Riddell) will support Bennett’s integration into Plenti.

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According to Plenti, Bennett is a highly experienced financial services executive with strong leadership abilities along with a “proven track record of effective execution”.

Bennett was the inaugural CEO of NSW Land Registry Services after its $2.6 billion privatisation and took charge of its transformation from a former government department into a “modern, customer focused and highly profitable private company.

Prior to this, Bennett held executive roles with major bank NAB, including chief information officer; executive general manager of strategy execution; and executive general manager, digital & direct banking.

Additionally, he led the digital and direct banking channels across mortgages, personal loans, and SME loans with NAB.

Before his roles with NAB, Bennett led technology & operations at Bank of New Zealand.

Chairman of Plenti, Mary Ploughman, said the board sees Foggo’s transition from CEO to director as “a natural progression” and expressed excitement for Bennett’s appointment.

“The board congratulates Daniel for being a fintech pioneer, having led Plenti to achieve many incredible milestones as CEO, whilst driving the business to innovate and raise the bar in retail financial services in Australia,” Ploughman said.

“The strength of Plenti’s FY24 results last month shows Daniel’s vision coming to life, and we look forward to continuing to benefit from his strategic thinking and experience.”

Ploughman added that Bennett was the “outstanding candidate” through the search process.

“Adam’s depth of experience in the financial services, technology, strategy design and execution ensure he is extremely well positioned to leverage the strong foundations built by Daniel,” Ploughman said.

Bennett said on his appointment: “I was attracted to Plenti by its technology-led model and by the strength and consistency of its track record.

“Since spending time with the Plenti board and executive team, I couldn’t be more excited about leading Plenti through its next stage of growth.”

Foggo stated that he will remain committed to supporting the company’s success and growth.

“After a decade of building Plenti as CEO, it’s time to move to supporting the business as a director and shareholder,” Foggo said.

“I remain significantly invested in the business and deeply committed to helping Plenti achieve its mission of building Australia’s best lender, and I remain excited about all that we can achieve.”

[RELATED: Plenti loan portfolio up over 20% YOY]

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