Mike Jefferies to stand down from Resimac board

In its annual report for 2018-19, ASX-listed lender Resimac revealed that Mr Jefferies will step down from the group’s board following its upcoming annual general meeting (AGM) on 26 November 2019.

The finance specialist joined the Resimac board in 2011 and has been an independent non-executive director of the Resimac Group board since October 2016.

During this time, he has been a member (and former chair) of the remuneration and nomination committee and a member of the audit committee.

Speaking of his upcoming departure, Resimac chairman Chum Darvall commented: “At the conclusion of our AGM and board meeting in November, Mike Jefferies will step down from the Resimac Group board...

“Mike has brought experience ranging from mergers and acquisitions to public company governance, and is a person of considerable commercial acumen. 

“On behalf of the board and Resimac Group, I sincerely thank Mike for his invaluable contribution and wish him well.”

The company’s constitution specifies that one-third of the board, excluding the managing director, must retire from the office and stand for re-election at each AGM.

Further, each director, excluding the managing director, must stand for re-election every three years. 

Chum Darvall and Susan Hansen will stand for re-election at the AGM next month.

Since the official consolidation of the Resimac and Homeloans businesses in 2018, which resulted in Scott McWilliam becoming the sole chief executive officer at Resimac, the group has been on a growth strategy, which saw the lender bolster its loan book by 19 per cent in FY19. 

The lender has also been focusing on the development of its direct channel as part of its goal to take more than 2 per cent market share in originations over the next three years.

This year it also established strategic partnerships with Athena and Positive Group to further support its digital capability and diversify its asset classes.

Writing in the annual report, CEO Scott McWilliam commented: “Our FY19 results have provided a strong foundation for our ongoing growth in the non-bank sector…

“Next steps for the group in FY20 is to continue to focus our efforts on customer-centric process improvement and digital automation, driving operational efficiencies and scale. 

“We intend to grow our market share by increasing our penetration in the broker channel, focusing on specialist lending, and expanding our direct channel.”

[Related: Brokers propel non-bank to above-system lending growth]