The chief executive of a major aggregator and head of lending at an ASX-listed mortgage group will step down from his position at the end of the year.
Yellow Brick Road today announced that Tim Brown, CEO – lending, will be stepping down from his position in the company effective 31 December 2016.
Executive chairman Mark Bouris said the role will not be replaced and the two existing roles of general manager for the Yellow Brick Road and Vow Financial networks respectively will become more responsible for growing and driving productivity in the lending division.
“In line with the previously announced restructure of corporate operations this year, senior managers and I have been adopting additional responsibilities, with a major focus on achieving efficiencies and network productivity,” Mr Bouris said.
“The appointment of new personnel to the existing general manager roles has begun with the announcement of Andrew Rasby as the general manager — lending (Yellow Brick Road).
“The appointment of a new general manager — lending (Vow Financial) will be announced in due course.”
Mr Bouris said the establishment phase of YBR is nearing completion and the group has a clear strategy to increase productivity and conversion in its networks.
“Deepening the responsibility for two very hands-on general managers to drive those networks forward makes good sense for this stage of our business growth,” Mr Bouris said.
Mr Bouris thanked Mr Brown for his contribution to the company over two years and wished him well for the future. Mr Brown was CEO of Vow Financial for five years.
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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