Lendi restructures again, farewells CEO of lending

The group will change its divisions to the following:

• Experience — which will drive “a product-led sales approach that includes product, marketing, data, tech and lending”
• Distribution — which aims to create “an exceptional network of the future and a market-leading broker proposition across all brands and channels”
• Customer — which aims to “change the way Australians experience home lending for good, including operational teams and centres of excellence supporting a premium customer and broker experience”

Speaking of the change, Lendi co-founder and CEO David Hyman said: “During the first 20 months of the merger our single-minded focus has been on migrating all Aussie brokers and customers onto our technology platform.

“As we conclude this enormous milestone, we are very excited to forge three key divisions that will see us double down on what is already the number one home loan platform in the market.”

Lendi’s chief distribution officer Brad Cramb commented: “Reaching our first milestone, with incredible results has been our single-minded focus for our broker network.

“Our new divisions will supercharge this growth, with an unwavering commitment from our distribution business that sets all our brokers up for today and tomorrow, delivering a best-in-market broker network of the future.”

David Smith to depart

As well as the changes, the move will see Mr Smith, CEO of the former lending division, depart the business “for future opportunities”.

Mr Smith joined Aussie in 2007 and has held the position of CEO of lending since May 2021.

In an email to staff seen by The Adviser, Lendi Group CEO Mr Hyman commented: “Smithy has been involved with the Aussie brand for over 15 years and has played an integral part in shaping what is one of Australia’s most successful challengers and loved brand.

“Smithy has helped the evolution and growth of the business, leading Strategy, Products, Platform Marketing and Customer Service teams over his 15 years. Smithy also played an integral role in shaping Lendi Group from its very inception.

“On a personal level, I want to thank Smithy for his role in shaping Lendi Group as our CEO of Lending. On behalf of the ELT I want to wish him well on his future endeavours and look forward to seeing what this new chapter holds for him.

“There will be no more ELT departures.”

The changes come after Mark Kalajzich and Martin Lam — two of the co-founders of the Lendi Group — announced they were also to leave the company. Mr Kalajzich, CEO of the platform division business, left the company late last year while Mr Lam, chief information officer, will depart at the end of June 2023.

The duo co-founded Lendi alongside Mr Hyman and Sebastian Watkins in 2013.

[Related: Brokerage co-founders to exit the business]