03/03/2017 - 13:10

McKeon to step down from AFG leadership

03/03/2017 - 13:10

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Australian Finance Group chief executive Brett McKeon will step aside after 23 years at the helm of the mortgage broker, after leading the company from its founding to an IPO in 2015 and winning the 2006 EY Entrepreneur of the Year Award for WA.

McKeon to step down from AFG leadership
Brett McKeon will remain on the board as an executive director to support the company’s brokerage network. Photo: Attila Csaszar

Australian Finance Group chief executive Brett McKeon will step aside after 23 years at the helm of the mortgage broker, after leading the company from its founding to an IPO in 2015 and winning the 2006 EY Entrepreneur of the Year Award for WA.

David Bailey will serve as interim chief executive, while the board has commenced a formal recruitment process.

Both internal and external candidates will be considered.

Mr McKeon will remain on the board as an executive director to support the company’s brokerage network.

“The decision has not been easy but I feel now is the appropriate time for me to step back from my full time executive role at AFG,” Mr McKeon said.

“I am immensely proud of the achievements of AFG, our people and our brokers.

“AFG’s guiding principles of fairness, shared prosperity and the provision of choice for Australian consumers has been central to our success.

“The role the mortgage broking channel plays has never been more crucial in ensuring true competition in the Australian lending landscape and I believe the business, as evidenced by the release of our half-year results, is well placed to grow even stronger.

“I have no intention to dispose of any shares, I remain committed to our team and the brokers who have served us so well over the years, and I know the management team have never been better placed to take the business forward.”

Mr McKeon’s family held about 21 million shares in AFG in the most recent annual report, about 9.9 per cent of the broker’s issued capital.

AFG chairman Tony Gill said Mr McKeon had been a key player in the development of the business.

Mr McKeon will continue to be a leading spokesman for the industry and a strong advocate for the role that mortgage brokers play to promote choice and competition for mortgage customers in Australia,” he said.

The company won a Business News Rising Stars award in 2004, and reported a mortgage book of $89 billion ten years later.

It comes after the company announced a 14.2 per cent improvement in net profit for the year to December, at $13.3 million.

Shares in AFG were 2 per cent lower at $1.47 at the time of writing.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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