A major mortgage brokerage has announced that it has appointed a new chief executive officer to help roll out the company’s self-funding securitisation program.
The board of Yellow Brick Road (YBR) has announced the appointment of Frank Ganis as chief executive officer (CEO), effective immediately.
Mr Ganis was formerly an executive director at Macquarie Group, where he co-founded Macquarie’s mortgages and securitisation business, but resigned from his directorship earlier this year to “take on a leadership role”.
Meanwhile, Mark Bouris will remain as executive chairman and will focus on “growth and productivity”.
YBR has said that it will continue to make further key adjustments to the business, including by having a “reduced” executive team.
Commenting on the appointment of Mr Ganis, Mr Bouris said: “I am very excited to have Frank Ganis join us as CEO.
“We are both great believers in the unrivalled quality of our distribution network, great believers in building lower-cost and more efficient structures, and, of course, we both share the same vision around launching our own securitised product.
“Frank identifies with the needs and requirements of the distribution network and this is something that will prove to be a real asset to us.”
Mr Bouris continued: “He understands very well what the network wants, and he will be rolling up his sleeves to work with the franchisees and broker partners to give them what they need to be successful.
“This is a key appointment for the YBR Group, as Frank brings with him over 35 years of major bank discipline of maximising revenue, reducing costs and increasing profits.”
It is hoped that Mr Ganis will “enhance the overall efficiency, quality and skill set of the leadership team, which will result in cost reduction, improve revenue and boost profitability”.
Commenting on his appointment, Mr Ganis said: “I am absolutely delighted to accept the position of CEO at YBR Group. I have been working with YBR over many years and am excited by the opportunities that are clearly available to the group.
“I am eager to hit the ground running in rolling out the group’s vision, particularly in expanding our product offering, creating new revenue streams and achieving cost efficiencies as part of our strategic direction.
“On top of that, I am absolutely determined in making sure we give our network what they want to succeed. I understand what the network needs and I’m going to make sure they have what they need to support them to serve their clients.”
[Related: Frank Ganis resigns as YBR director]