Mortgage Choice CEO Michael Russell announces retirement

Mortgage Choice CEO Michael Russell announces retirement
Jennifer DukeDecember 7, 2020

The CEO of Mortgage Choice, Michael Russell, has announced his retirement.

In a statement, Mortgage Choice Limited chairman Peter Richie advised that the retirement would occur after the completion of the 2015 financial year, and the “identification of an appropriate successor”. The date isn't completely set for the June 2015, as Property Observer understands that he will stay until the successor is hired.

An official Mortgage Choice statement expresses that he is as determined as ever to lead the company to another successful and profitable financial year.

"Michael joined Mortgage Choice determined to enhance the business' profitability and introduce a financial planning arm and, during his tenure, he has managed to do just that. Having completed the job he set out to do, Michael feels the time is right to retire from his role as CEO."

Russell has held senior executive positions at ANZ Banking Group and National Mutual Royal Bank, with more than 30 years experience in financial services.

Russell joined Mortgage Choice in 2009 as CEO and implemented and developed two three-year strategic plans. Richie notes that this “enabled the franchise group to grow and prosper through the aftermath of the GFC", and that now he will assist Ritchie with identifying and transitioning a replacement CEO.

At a Mortgage Choice media luncheon last week, Russell discussed the risks to retirees of reverse mortgages, quipping “we always assume seniors are incapable of making decisions for themselves”, saying that none of the major banks offer this product.

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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