YBR CEO to step down

by Miklos Bolza04 Nov 2016
Yellow Brick Road has announced that Tim Brown, CEO of lending, will be stepping down from his position effective 31 December this year.
 
Mark Bouris, the company’s executive chairman, said that the role will not be replaced. Instead, the two existing roles of general manager for both YBR and its aggregator Vow Financial will take on more responsibility for driving growth and productivity in the lending division.
 
“In line with the previously announced restructure of corporate operations this year, senior managers and I have been adopting additional responsibilities, with a major focus on achieving efficiencies and network productivity,” Bouris said.
 
He continued, saying that the appointment of the new general manager roles has commenced with Andrew Rasby starting his position as general manager as lending for Yellow Brick Road on Tuesday (1 November). The appointment of a general manager of lending for Vow Financial will be announced in due course.
 
“Our establishment phase is nearing completion and we have a clear strategy to increase productivity and conversion in our networks. Deepening the responsibility for two very hands-on general managers to drive those networks forward makes good sense for this stage of our business growth.”
 
Bouris thanked Brown for his contribution to the company in the two years since YBR acquired Vow Financial. Brown has been CEO of lending at YBR since January 2016 and CEO of Vow for five years.
 
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PLAN Australia appoints new CEO
 
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COMMENTS

  • by 4/11/2016 9:38:26 AM

    Hugh loss for YBR

  • by Vow Broker 4/11/2016 3:49:49 PM

    A great CEO that YBR/Vow can ill afford to lose. I personally witnessed the huge strides Vow made under Tim's leadership and direction. He will be a very hard act to follow and Vow is already not growing as previously under his excellent leadership and communication skills.

  • by Michelle 5/11/2016 8:44:56 AM

    With a loss for the year to June of A$9.5 million – a blowout from the loss of $2.5 million in 2014/15. If the company had not been able to draw on a tax benefit of $3.1 million its loss would have been more than $12 million. But head count reduction is not a long term strategy for such a long standing issue. It will be interesting to see where further efficiencies can be made.