The non-bank lender has announced that its long-serving joint CEO, Mary Ploughman, will leave the company after 16 years of service as part of a new management structure.
Effective today, Ms Ploughman will no longer hold the title of joint CEO at the group.
Instead, Scott McWilliam – who has held the title of joint CEO alongside Resimac’s original CEO Ms Ploughman since the Resimac/Homeloans merger in 2016 – has become the sole chief executive officer at Resimac.
The management restructure will see Mr McWilliam lead the ASX-listed company and Ms Ploughman leave the company.
The company thanked Ms Ploughman for her service, with chairman Chum Darvall stating: “The board sincerely thanks Mary for her strong contribution to the company’s growth over this time in Australia and New Zealand, and for her leadership role in the development and growth of the Australian Securitisation market."
He emphasised that the joint-CEO model had been the best approach for the company as RESIMAC and Homeloans worked through the merger process in 2017 and 2018.
“With the merger now complete, the board, after considerable deliberation, now believes having a single CEO is the best way forward for Resimac Group,” he said.
Mr Darvall said Resimac’s executive management team remained unchanged.
The move comes following the relaunch of the Resimac brand, which saw the Homeloans brand subsumed into the new Resimac group.
The single entity now holds a mortgage book of more than $12 billion and have more than 50,000 customers.
Speaking to The Adviser last year, Mr McWilliam said that, after its review of the products and services of the two brands following the merger, the company had determined to develop a “simpler, single brand platform from which to serve [its] customers and distributors and continue [its] strong growth”.
The company reportedly engaged “brand experts” to review the existing Homeloans and RESIMAC brands and canvassed a range of stakeholders on new branding options.
“After much analysis and research, we chose Resimac, which resonates with key stakeholder groups and will be used in both New Zealand and Australia,” Mr McWilliam said.
Speaking to The Adviser, Mr McWilliam provided some background regarding the decision to keep the Resimac name: “We believe that both brands have a lot of brand equity and either would have been a good choice. To give us true independence in making the decision we engaged an external consultancy in the decision process.
“[But], the reason for doing it is because we are looking to simplify our brand position both internally and externally. Like the two brands came together as a result of the merger, the reality is we are one company and it is important that we have one brand that represents us moving forward and represents our forward-facing statement,” he said.
[Related: Homeloans and RESIMAC to consolidate]
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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