The broker association has announced board changes following the resignation of Renee Tocco, as she pursues a new career with SME lender Prospa.
Following on from the news that Prospa is set to acquire Queensland-based commercial brokerage Loanezi – and for its broker and director Renee Tocco to join Prospa as its new northern regional manager – Ms Tocco has stepped down from her position on the board of the Commercial & Asset Finance Brokers Association (CAFBA).
According to the professional body for commercial and equipment finance brokers, Ms Tocco’s resignation was required given that she would no longer be operating as a commercial broker.
However, the association added that as Prospa was an affiliate member, Ms Tocco would likely stay active within the CAFBA community.
Speaking to The Adviser, CAFBA chief executive David Gill highlighted that Ms Tocco would be leaving behind a strong legacy following her three-year tenure as director of the CAFBA board.
He stated: “Renee has been a director for three years, and achieved an immense amount in that time. She has been instrumental in starting the Women’s Networking Forums which have provided a platform for CAFBA female members, and also encouraged many more to become commercial finance brokers.”
He noted that Ms Tocco was one of the first intakes into CAFBA’s Women and Leadership program over five years ago, when she started broking, and had used these insights in her leadership role at CAFBA.
“It has been a core strategy of CAFBA’s to achieve greater diversity in our industry, which has historically been dominated by men,” he said.
“CAFBA’s female membership has grown from 8 per cent in 2017 to 27 per cent in 2021, and Renee has been a great contributor to this result. She leaves an outstanding legacy.
“We will miss her energy and passion, but as Prospa are a CAFBA affiliate member, her contributions will not be entirely lost, and we know Renee will be involved in CAFBA activities in years to come.
“It is always sad to lose a talent like Renee from the CAFBA board, but she is always looking at avenues to grow and further her career.
“Her skills learnt as a broker will be invaluable to a lender, as she understands both the brokers needs and the customers needs, and this will have great impact.”
Tina Clark appointed to the board
Given Ms Tocco’s resignation from the board, CAFBA has appointed Laurentide Financial Services broker Tina Clark to the board. Ms Clark will serve in a casual vacancy until the association meets to vote on board members at its annual general meeting (AGM) in November.
Ms Clark has been a finance broker for nearly 20 years and was a recipient of a CAFBA scholarship in the Women and Leadership program. She is also currently NSW state champion of CAFBA’s Women’s Networking Forum.
The CAFBA CEO commented: “Renee’s resignation created a board vacancy, and the directors felt it important to fill this to continue momentum, which they can do under the constitution.
“Tina is a successful and experienced finance broker with Laurentide, and we are very grateful she has accepted the position, as her contributions on many fronts will be welcome.
“All CAFBA directors run their own commercial broking firms, and it is from this perspective that they successfully contribute.
“In her business Tina has helped thousands of businesses access finance, and has strong and respected relationships with the lenders. This knowledge is very valuable in furthering CAFBA’s strategic direction.”
The CAFBA AGM is scheduled for November where Ms Clark can nominate to formally be elected to the board.
[Related: Prospa acquires brokerage]
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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