Resimac announces leadership changes 

Resimac’s general manager of product and customer experience Daniel Carde, general manager of distribution Chris Paterson, and chief information officer Majid Muhammad have all had their roles expanded in the move.

The changes, which took place last quarter, have seen Resimac’s product and credit teams report to Mr Carde in his new position as general manager of product and credit.

The role is Mr Carde’s eighth position with the non-bank lender, which he has been with since 2006 when he first joined as Queensland state manager.

Meanwhile, Mr Muhammad has taken up the oversight of operations as part of his role as chief information officer and has already helped deliver the online loan management platform that enables customers to self-service.

The CIO has had a range of experience in the financial services space in both operations and product, having been head of architecture and design, products, and operations at Westpac and as general manager of strategy and transformation at RACQ.

Mr Paterson, the general manager of distribution is also now leading the marketing team as part of an expanded remit, with his job title changing to general manager of distribution and marketing.

The former NRL player, who joined Resimac from Homeloans Ltd in 2016 and took on the distribution role in 2021, said he would be focused on driving additional leads through the non-bank lender’s broker and wholesale channels in his expanded role.

Confirming the changes, Resimac chief executive Scott McWilliam said the restructure would mark a shift in how the organisation operated.

“Achieving our strategic priorities in the current environment means being smarter and more targeted and disciplined in our approach,” Mr McWilliam said.

“The senior management changes we’ve made will help drive deeper collaboration between adjacent business units, allowing us to better utilise our assets across people, products, processes and technology.”

Mr Paterson added: “We have a solid foundation for growth, and this recalibration enables us to maximise our market share opportunities in non-conforming loans and asset finance over the next 12 months and beyond.

“Having our sales and marketing people working closely together enables us to be far more effective in how we engage with our third-party distribution partners.

“This collaboration has already resulted in an uplift of deals we’re getting through the door, and we expect to see this improve further as we utilise data and insights to optimise broker engagement.”

The leadership shift has come as the non-bank lender looks to grow.

According to its most recent financial results (for the first half of the 2023 financial year), it achieved a normalised net profit after tax (minus fair value gains and losses on derivatives) of $40.7 million, up from $36.8 million in the second half of FY22 but down compared to the first half of FY22 in which it achieved $49.2 million.

It followed the firm’s agreement to purchase Thorn Group Limited’s asset finance portfolio. If approved by Thorn’s shareholders, (with a general meeting expected to be held on 28 August to vote on the matter), Thorn will receive approximately $15 million cash proceeds for the $150 million portfolio of commercial asset finance loan receivables.

[Related: Resimac moves to buy Thorn’s asset finance portfolio]