Bryant fails to win a Money3 board seat
Former Money3 chief executive Rob Bryant has failed in his attempt to force his way onto the company's board. At a special general meeting of Money3 shareholders yesterday 44 per cent of valid votes were in favour of Bryant joining the board.Bryant also failed to have three directors, including chairman Vaughan Webber, removed.Bryant resigned in July, after falling out with the board over Money3's strategic direction. The board had decided to shift the focus of the business away from the short-term unsecured lending that was its mainstay for many years and build up its medium-term unsecured and secured lending businesses.Bryant criticised the change of strategy in correspondence to shareholders.In reply, Webber said very small loans (under $500) made no contribution to profitability. Webber said the company would continue to offer unsecured loans but said the company was undertaking a review of its products and would probably stop offering some unsecured products.