Aussie boss steps down, changes focus
(11 August 2008 – Australia) John Symond is stepping down from his role as chief executive officer of Aussie Home Loans to focus on new business opportunities.
Symond, who will stay on as Executive Chairman, said that he will withdraw from the operational side of the business and put more focus on strategic opportunities to build the company's business.
Symond said that he has planned to free up time from the operational side to get involved in the serious side of strategy, including who the business should be talking to and the best way for future growth.
Having started the Aussie Home Loan business 16 years ago, Symond has now chosen his successor. He will be replaced by ex-Newcastle Permanent Building Society boss Stephen Porges.
Symond also detailed the opportunities available in the market.
He said that the Aussie brand and umbrella may well help other struggling non-bank players who want to stay in the business and want to link themselves up with a good brand that’s very active and wants to grow rather than wait for the storm to blow over.
He also said that Aussie had the capacity to do deals worth up to $100 million. This was sufficient to cover any transaction in the non-bank sector, apart from those involving what Symond term as balance-sheet players.
Symond said that he has planned to free up time from the operational side to get involved in the serious side of strategy, including who the business should be talking to and the best way for future growth.
Having started the Aussie Home Loan business 16 years ago, Symond has now chosen his successor. He will be replaced by ex-Newcastle Permanent Building Society boss Stephen Porges.
Symond also detailed the opportunities available in the market.
He said that the Aussie brand and umbrella may well help other struggling non-bank players who want to stay in the business and want to link themselves up with a good brand that’s very active and wants to grow rather than wait for the storm to blow over.
He also said that Aussie had the capacity to do deals worth up to $100 million. This was sufficient to cover any transaction in the non-bank sector, apart from those involving what Symond term as balance-sheet players.
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