Forsyth 'not the right guy' for Firstfolio's future

by Adam Smith15 May 2012

Firstfolio has made clear it will be moving in a different direction following the resignation of chief executive Mark Forsyth.

Forsyth resigned his post on Friday, and a Firstfolio spokesperson has told Australian Broker the resignation was spurred by the board's desire to change strategy.

Forsyth's tenure has seen the company acquire a funding platform through Calibre Financial Services, as well as Club Financial Services and Apple Home Loans. But the spokesperson said the company's board no longer wanted to follow the strategy of acquisition.

"The board and [new director] Eric Dodd wanted to consolidate a lot of the acquisitions made over the last little while. They wanted to go far more in the direction of the mortgage lending and banking side. They wanted to see more day-to-day operational experience in that area, and there was sort of the feeling that Mark was not the right guy," the spokesperson said.

The spokesperson confirmed that Forsyth resigned when told the company wanted to move in a new direction.

"When the conversation came up with Mark, the board discovered Mark was quite keen to move back to Singapore, and he's taken the option to do exactly that," he said.

Executive director Mark Flack has been made acting CEO of the company while Firstfolio searches for a new chief executive. The spokesperson said the new chief executive would be tasked with consolidating the company's acquisitions and shifting the focus to mortgage lending.

Related stories:

Firstfolio to continue acquisition strategy

COMMENTS

  • by Craig Dres 15/05/2012 9:21:08 AM

    Firstfolio is a mixed bag of a business. Huge level of debt!!

  • by Barney 15/05/2012 9:21:26 AM

    Yeah nice try - but I dont believe it. In my opinion the speed of the departure and brevity of the "immediate" press release - is inversely proportion to the size of the indescretion!
    No one leaves that quickly because he "doesnt fit the strategy".

  • by Jim Maguire 15/05/2012 10:08:27 AM

    The guys at Club are still celebrating the overpriced sale of their business to Firstfolio