Founder and managing director of struggling non-bank lender City Pacific Phil Sullivan has announced his resignation, effective as of today.
“I have been seriously considering this for some months, but the situation facing the company was holding me back,” he said in a statement to the ASX yesterday.
“I now believe it is time to stand aside and allow the next generation of management to lead the business forward.”
The struggling non-bank lender currently owes the Commonwealth Bank around $350 million, which it just narrowly secured an extension on last month.
Mr Sullivan worked as both managing director and chief executive officer with the debt-laden non-bank lender for 11 years, floating it on the stock exchange in 2001.
The group’s long term legal adviser John Ellis will assume the positions of managing director and CEO today.
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