FE Investments Group has named a former director at ANZ Bank as its new chief executive.
SME lender FE Investments Group (FEIG) has appointed Marcus Ritchie as its new CEO, effective immediately, less than a year of being appointed to FEIG’s board as executive director at the end of July 2018.
He replaces co-founder TK Shim, who will step down as both group CEO and director of FE Investments Limited, FEIG’s New Zealand-based subsidiary.
However, Mr Shim will retain his position as a director of FEIG and will continue assisting the company with the management of its property loan portfolio and other projects.
The publicly listed SME lender said in its disclosure to the Australian Securities Exchange that Mr Ritchie’s appointment is part of its “planned succession and transition program”, while coinciding with FEIG’s increased focus on expanding in Australia and New Zealand.
The new CEO has held a number of director roles in his 18-year career in the financial services industry in Australia, New Zealand, the US and the UK, including as the senior director of infrastructure and utilities at ANZ Bank.
Mr Ritchie has also held positions in PhillipCapital, Bank of America Merrill Lynch, American Express and Westpac.
In his new role, Mr Ritchie will be paid a base salary of $271,500 per annum, plus superannuation.
In addition to naming its new CEO, FEIG announced that co-founder Melvin Stewart would also step down as an executive director of both FEIG and FE Investments, but will continue to assist the company with the management of its property loan portfolio.
FEIG chair James Green thanked the founders Mr Shim and Mr Stewart for “their dedication and commitment over the last 16 years for building a successful business, which has provided a distinguished financial platform to [the company’s] customers and employees”.
[Related: SME lender appoints new MD]