Clean out for Credit Corp

Geoff Lucas, managing director of listed debt collector Credit Corp Group, quit the company yesterday.

Revised profit guidance from the company on February 11 announced directors were "initiating a strategic review", as net profit was revised downwards and with the market slashing the share price from around four dollars to less than a dollar.

Margin calls caught Lucas out in mid February, like so many other senior managers of smaller financial companies, with the Financial Review reporting a forced sale of more than a third of his shares.

This is the second major resignation in a month with Christopher Deane, the chair of Credit Corp, announcing his resignation on the same day as the February 11 profit downgrade, with former AGC chief executive Richard Thomas assuming duties.

The stock last traded yesterday at 61 cents, down from a trading range above $12 in mid 2007.