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Resimac appoints interim chairman

by Reporter4 minute read
Resimac appoints interim chairman

The non-bank has announced the appointment of a non-executive director to serve as interim chairman while the lender searches for a permanent replacement for Chum Darvall.

Resimac Group has announced several changes to its board, effective from 28 February.  

Warren McLeland has been appointed as non-executive chairman while Resimac searches for a candidate to replace former chairman Mr Darvall.

Mr Darvall announced his retirement from the board in November, following Resimac’s annual general meeting.

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Resimac thanked Mr Darvall for his service to the non-bank.

“On behalf of the company, the board would like to sincerely thank Chum for his commitment and contribution to the company during his tenure,” the statement read.

Resimac has also announced the appointment of Wayne Spanner as an independent non-executive director.

Mr Spanner will also chair the Remuneration and Nominations Committee.

The new appointee currently serves as Australian managing partner of global law firm Norton Rose Fulbright Australia.  

Mr Spanner also holds experience in executive management and corporate governance at board level.

He is currently a board member former chairman of the University of Cape Town Trust Australia, a board member of the Asia Society Australia, a member of the Business Council of Australia, and a councillor of the Australian British Chamber of Commerce.

Resimac’s board changes follow the release of the non-bank’s results for the first half of the 2020 financial year (HY20).

The non-bank posted a statutory net profit after tax (NPAT) of $27.2 million for HY20, up 44 per cent from $18.9 million in the previous corresponding period.

The growth was largely driven by strong above-system home loan settlement growth, with volumes rising 22 per cent, from $1.9 billion in HY19 to $2.4 billion.

The growth in settlements was reported across both Resimac’s prime and specialist segments, of which uptake increased by 17 per cent to $1.7 billion and 39 per cent to $700 million, respectively.

This was slightly offset by a decline in white label home loan approvals, from approximately $300 million in HY19 to $100 million.

Overall, Resimac’s mortgage book grew 20 per cent, from $9.4 billion to $11.3 billion, with prime home loan products making up just under 70 per cent of its total portfolio.

[Related: Lender CEO sees bright side of BID]

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