Frank Ganis, an executive with deep experience in orchestrating the growth and reach of Australia's non-bank sector over 35 years, has scored his first job as CEO.
Ganis is the new chief of Yellow Brick Road, replacing Mark Bouris, as of yesterday.
YBR's new CEO worked closely with now AFG chair Tony Gill at Macquarie during the hey days of the 1990s, and ranks among those behind the rise of Aussie Home Loans, funded by the PUMA securitisation vehicle.
Ganis will lead a "reduced executive team", that step being only one of the priority cost reduction matters mentioned in an ASX release.
For now, a takeover bid from Mercantile ÂInvestÂment Company remains open, and the recent market mayhem and fragile margins across the mortgage sector may yet leave YBR vulnerable to a change of heart by investors who have largely spurned the nine cents a share bid.
With $7.2 billion in mortgages under management, YBR is a sub-scale non-bank lender in a segment where credit demand is in decline and the loyalty of its 529 broking firms and 117 franchisees is being tested, as commissions decline and restructure in line with industry norms.