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The non-bank lender has announced the appointment of Calvin Cordle as its new managing director.
Mr Cordle joins self-employed lender RedZed with 20 years of financial services experience, having recently held the role of general manager of private banking with major bank National Australia Bank (NAB) along with senior positions at Barclays in the UK.
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According to RedZed, his experience in treasury, product, and private equity as well as having managed teams in property finance and business banking has Mr Cordle well-positioned to “lead RedZed into its next stage of growth.”
Mr Cordle is set to commence with his new role on 16 August 2023.
On his appointment, Mr Cordle said: “This is an exciting time to be joining RedZed and I’m looking forward to building on the strong foundations that have been laid over the last 17 years.
“RedZed’s ethics and approach to doing business are closely aligned with mine. We are both focused on positive outcomes for our customers and understand the importance of strong relationships, which RedZed’s broker network and reputation is testament to.
“I also have a lot of respect for RedZed’s unwavering support of self-employed borrowers, especially during this challenging time of sharply rising interest rates.”
The non-bank lender’s current managing director and founder Evan Dwyer will continue to play a role in the company as an executive director, exploring key strategic opportunities and acquisitions while remaining on the board.
Mr Dywer commented on Mr Cordle joining the non-bank lender: “His wealth and breadth of knowledge will prove invaluable to our staff, aggregator partners, brokers and customers, and his expertise will further strengthen our growing team.
“The business is in great hands with Calvin at the helm and we are excited to welcome him and his family to RedZed.”
Mr Dwyer further stated this appointment followed five years of the lender building its team and platform and that it was now important to invest in the business’s growth and select a leadership team “for RedZed’s next chapter”.
New clawback policy
Preceding Mr Cordle’s appointment, RedZed announced the move to a new clawback structure, which has been in effect since 8 August.
The new structure will recognise the number of months a loan has been active and apply a diminishing clawback scale to determine the clawback payable.
As each month concludes (up to 24 months), the clawback percentage will reduce on a pro-rata basis (dropping by approximately 4.16 per cent a month).
[RELATED: RedZed confirms clawback changes]
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