Mortgage Choice has announced that its CEO, John Flavell, has resigned, effective immediately.
The brokerage group announced today (3 April) that, effective immediately, John Flavell has resigned as CEO, with former chief financial officer Susan Mitchell taking his place at the helm.
The company said that Mr Flavell has been very effective in strengthening and growing the business over the past three years and had “always conducted himself and led the business in a professional and exemplary manner”.
Mr Flavell, who had formerly been the executive general manager, wealth advice at National Australia Bank's MLC business, had held the role of CEO for three years (since April 2015). He had also held senior roles at Aussie Home Loans and RAMS Home Loans.
Ms Mitchell will now take over as CEO for the next three years (unless extended or terminated prior by either party).
The move comes as a surprise, given that equity-based risk management, advice and solutions provider, AUB Group, had already announced that Ms Mitchell would join the company as chief financial officer in June.
Mortgage Choice chairman Vicki Allen commented: “We thank John for his leadership and efforts at Mortgage Choice during his tenure as CEO and wish him well in his future endeavours.”
The company added that Ms Mitchell’s extensive experience and experience within the company as CFO means she is “very well placed to step into the CEO position”.
Ms Allen said: “We are delighted Susan has reconsidered her recently announced intention to pursue another opportunity and instead lead our business. The board has confidence that she has the necessary skills to lead Mortgage Choice.
“She is a very talented executive and her in-depth experience with the company will ensure a smooth transition of leadership.”
With over 20 years' financial services experience, Ms Mitchell previously held senior finance roles with Credit Suisse (London), Bear Stearns (US) and ABN Amro and Seiza Capital in Australia before joining Mortgage Choice in February 2009.
In her new role as CEO she will receive a base salary of $550,000 and will be awarded a one-off grant of 90,000 share rights. She may also be eligible to receive an annual short-term incentive with a maximum value of $440,000 and a long-term incentive of up to $275,000, subject to satisfaction of performance criteria determined by the board.