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Mortgage Choice CEO announces retirement

Staff Reporter 1 minute read

Mortgage Choice has announced that chief executive Michael Russell will retire.

The group said he would retire "after the completion of the 2015 financial year and the identification of an appropriate successor".

Mr Russell joined the company as its chief executive in 2009. He has developed and implemented two three-year strategic plans, which the group said enabled Mortgage Choice "to grow and prosper through the aftermath of the GFC".

He will complete the second of those three-year plans before he departs in 2015.

Chairman Peter Ritchie said Mr Russell had done an outstanding job and said he looked forward to working with him over the coming months to identify and transition his replacement.

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Mr Russell has overseen record financial results during his time as chief executive.

The group posted a record cash net profit of $20.1 million for the 12 months to 30 June 2014, which was up 27.1 per cent on the previous year.

Mortgage Choice looks on track to post another record result this financial year after recording a 12.5 per cent jump in approvals for the first quarter.

Mr Russell has also overseen the Plus One recruitment initiative during 2014, which provided incentives for franchisees to find new brokers.

It was such a success that Mr Russell forecast that Mortgage Choice would increase its broker numbers this calendar year from 504 to 600.

Mortgage Choice CEO announces retirement
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