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The boutique mortgage aggregator has appointed one of its directors to head up the business.
Purple Circle Financial Services has announced the appointment of Michael Stephens as CEO, effective immediately.
The aggregator, which was launched in 2016 as a broker-owned aggregation company, said that Stephens, as its first executive appointment, played a pivotal role in shaping the company’s vision, culture and operations from the ground up.
Stephens was also heavily involved in Purple Pathways Academy – a mentoring, education, and development program for new-to-industry mortgage brokers – which was named 2024 Mentoring Program of the Year by the Mortgage and Finance Association of Australia (MFAA).
Prior to Stephens’ appointment as CEO, the company operated without a permanent CEO, relying instead on two directors and founder Greg Pennells as chairman.
Along with the CEO appointment, Frank Paratore will move from his role as director to chief operating officer, reporting directly to Stephens.
Purple Circle's strategic leadership team, which is made up of Paratore, Pennells and Stephens, meet every two months to review all facets of the business and set key strategic objectives. Pennels told The Adviser that the structure of the aggregator’s leadership team helps foster a “collaborative, future-focused approach to leadership” that balances open thinking with the discipline of a traditional board format.
The new CEO brings more than 20 years’ experience in both the financial services and property industries.
Originally from South Africa, he has been a Purple Circle director since 2016 and was previously MD at Workplace Wing, a Western Australia-based workplace safety specialist.
Stephens previously ran and founded multiple businesses in South Africa. He began his career as an equity trader on the Johannesburg Stock Exchange.
In a statement, Purple Circle said Stephens’ appointment reflected the company’s “continued commitment to sustainable growth, innovation and broker empowerment through its unique member-shareholder model”.
Commenting on the CEO appointment, Pennells said: “Michael has been instrumental in building the foundations of Purple Circle and in helping shape what makes us different.
“His strategic vision and deep care for broker success make him the ideal person to lead Purple Circle into its next phase.”
Last month, Purple Circle celebrated welcoming its 100th broker shareholder to the business.
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