ASX-listed mortgage broker announces new boss

Mortgage Choice announced today that John Flavell had been chosen to replace Michael Russell.

Mr Flavell will move to Mortgage Choice after serving as executive general manager of wealth advice at MLC since April 2013.

Mr Flavell is set to join the company on 7 April and will work alongside Mr Russell in a transition phase until Mr Russell leaves Mortgage Choice at the end of this financial year.

Mortgage Choice chairman Peter Ritchie said he was delighted to welcome a man of such high esteem to the company.

“Armed with more than 20 years' experience in executive leadership positions and 15 years in financial services, John is set to bring a wealth of experience to the role,” Mr Ritchie said.

“More specifically, John has significant management experience in the mortgage industry, having held the position of NAB’s general manager of third-party distribution for five years until 2013.

“In addition, John held senior roles at Aussie Home Loans where he was part of the executive team responsible for the successful transition of the business into mortgage broking.

“Further, John was the general manager for RAMS Home Loans’ southern half of the country, during which time he managed to drive brand awareness and provide the non-bank lender with a significant place in the market.

“John’s broad financial services experience incorporating lending, broking, third-party distribution and wealth management, means he is ideally placed to lead Mortgage Choice to continued success.

“The board is confident that John’s background combined with his experience developing and managing businesses and people will help Mortgage Choice to deliver a strong performance across its existing operations as well as its emerging businesses.”

Mr Flavell said he was delighted to join Mortgage Choice.

“Today, Mortgage Choice is more than just a mortgage broker, with the group now offering a broader range of financial services to all Australians,” Mr Flavell said.

“Mortgage Choice also has a strong track record in delivering superior returns to its share holders, as was evidenced this year when the group returned record cash earnings and dividends, driven by strong lending growth and a strong performance across all parts of the business, including Help Me Chose and Mortgage Choice Financial Planning.”

Mr Russell joined the company as its chief executive in 2009. He announced on November 19 that he planned to retire from Mortgage Choice at the end of this financial year.

Mortgage Choice posted a record cash net profit of $20.1 million for the 12 months to 30 June 2014, which was up 27.1 per cent on the previous year.

Mortgage Choice looks on track to post another record result this financial year after recording a 12.5 per cent jump in approvals for the first quarter.