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A director at Yellow Brick Road has handed over his resignation after eight years in the role.
Yellow Brick Road has announced that its director of eight years, Owen Williams, has resigned from his role.
According to YBR, Mr Williams’ resignation follows a “recent increase in workload in his consulting business, resulting in an inability to continue to commit the necessary time to the board of Yellow Brick Road”.
The outgoing director has been with the diversified mortgage and financial advice business since it listed on the Australian Securities Exchange (ASX).
YBR’s ASX disclosure recognises Mr Williams’ “reasoned and analytical approach”, which has helped the company resolve “what have at times been difficult and complex issues”.
Further, during his position as chair of the audit and risk committee, Mr Williams was a “key contributor to the development of [YBR’s] governance and risk framework and to supporting management in responding to the dynamic regulatory environment”.
The company thanked the outgoing director for his contribution and wished him well in his future endeavours.
YBR said Mr Williams has committed to providing consulting services on specific issues in the future.
The company recently released its financial results for the quarter ending 31 March 2019 (Q3 FY19), recording an operating cash surplus of $40,000, a $110,000 increase from a deficit of $70,000 in the previous quarter.
The increase was partly driven by a 5 per cent reduction in its operating cash outflows (excluding its branch and broker share of revenue), which declined from $8.4 million to $8 million.
YBR’s underlying mortgage book increased by 1 per cent over the quarter, rising to $49.2 billion.
[Related: YBR reports quarterly results]
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