Aussie Home Loans CEO Stephen Porges resigns after Commbank acquisition

Aussie Home Loans chief executive Stephen Porges has resigned following Commonwealth Bank’s purchase of an 80% stake in the company.

A statement released by the company today said he resigned to “pursue other interests”.

The Australian Financial Review reports that there is speculation Commonwealth Bank, which already has two seats on the board, may use its new majority ownership to appoint a new leader despite assertions the lender would remain independent.

On March 22 the Australian Competition and Consumer Commission approved Commonwealth Bank increasing its stake from 33% to 80% with rights to 100% ownership in 2016.

A spokesman for Commonwealth Bank told The Financial Review, “Any decisions regarding Aussie Home Loans’ CEO will be made by the AHL board”.

Executive chairman John Symond thanked Porges for his contribution to Aussie’s success since joining in 2008.

Aussie Home Loans operates a franchise network of around 750 mortgage brokers which distribute home loan products and retail products from bank and non-bank lenders.