The asset finance business is entering a leadership transition after the aggregator confirmed that the long-time CEO would be exiting the role.
Tom Caesar has departed as CEO of LMG Asset Finance, with the major aggregation group appointing business-lending executive Shane Howell as interim chief while it considers the division’s long-term leadership.
LMG announced on Friday (14 August) that Caesar’s departure from the CEO role would take effect immediately.
The aggregator added that he would remain a director of LMG Asset Finance.
Caesar was one of the original founders of LMG Asset Finance, following its acquisition of Nodifi (part of the Positive Group), which he founded with his father, Mark, in 2009.
LMG formed a partnership with Nodifi in 2022, as it worked to broaden its asset finance offering, with Caesar spearheading the equipment and asset finance direction of the major aggregation group.
Before joining forces with LMG, Nodifi was part of the Connective Asset Finance group.
The group said Caesar had overseen substantial expansion during LMG’s majority ownership of Nodifi, helping develop LMG Asset Finance into a significant platform within its diversified lending offering.
LMG executive chairman Sam White said Caesar had been instrumental in the division’s development since the group’s move into asset finance.
“LMG Asset Finance has grown into a significant part of our diversified broker offering, and Tom has been key in helping drive this,” White said.
White said the transition was designed to position the business for its next stage while acknowledging Caesar’s contribution as a founder and executive.
“We feel this is the right time to set the business up for what’s next, and I want to thank Tom for everything he’s built here,” he said.
A founder steps back
In a LinkedIn post, Caesar said that leaving the executive role brought mixed emotions after a career spent building businesses in the asset-finance market.
“After 17 years the time has come to finish up at LMG Asset Finance. Words won't cover the mixed emotions I'm feeling at the moment, but I couldn't be more grateful, proud, and thankful for the journey I’ve had,” Caesar wrote.
“From a little tin box shed with my old man establishing Positive Lending Solutions, launching Nodifi and then merging with LMG to form LMG Asset Finance. It's time to finally have a decent break and spend some quality time with the family.”
Caesar added that LMG Asset Finance was well positioned to advance under its new leadership structure.
“This business has some serious talent, tech and resources to really accelerate into a very exciting place under new leadership. Our brokers are in great hands with Shane Howell and Tim Wells taking the reins,” he noted.
Caesar also reflected on the consolidation that created LMG Asset Finance, listing the businesses brought together under the group and the executives he worked alongside.
“To Sam White, Stephen Scahill and Ewen Stafford, the last four years have been a ride. Being part of bringing Loan Market, Plan, Choice, Fast and Nodifi together and forming LMG and LMG Asset Finance has given me more learnings than an MBA ever could have,” he said.
“I'll forever be grateful for the opportunity; the learnings and I look forward to seeing you guys continue to lead from the front and dominate.”
He thanked the business’s industry relationships, saying many had developed into enduring personal connections.
“Thank you to all our broker partners and lender partners. So many have become a lot more than business partners and people I'm proud to call my mates," he said.
While stating that he would be taking a break after exiting the role, Caesar indicated that he expected to return to entrepreneurial projects later this year.
“I'm a founder and entrepreneur at heart and love building new things from the ground up. I’ll be taking some time out before announcing some exciting projects at the end of the year,” he said.
Interim leadership team appointed
The LMG board has appointed Howell as interim CEO of LMG Asset Finance, effective immediately, while it determines the most suitable long-term leadership structure for the business.
Howell joined LMG in May as group executive – business lending after more than two decades across retail and business banking, product, and transformation. His most recent role was general manager of commercial banking at Westpac.
Tim Wells has been appointed deputy CEO of Asset Finance and will support Howell and the broader management team through the transition, which includes Chris Sims, head of product & broker experience; Sam Greenwood, head of engineering; and Alex Ventura, head of marketing.
LMG said the leadership group would retain responsibility for both the strategic direction and day-to-day operation of the division.
“Together, the leadership team will oversee LMG Asset Finance’s strategy and operations, with a continued focus on supporting brokers, strengthening the platform and delivering positive outcomes for clients,” LMG said.
The group said the board-led succession process would be supported by White and LMG executive director and CEO Ewen Stafford, with the arrangement intended to provide continuity for brokers, lender partners, and staff.
[Related: LMG names industry veteran as business lending executive]
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