Australia-based marketplace lender SocietyOne recently announced that Jason Yetton has stepped down as CEO/Managing Director and will be leaving the company in July to pursue other opportunities. The lending platform reported that Board has appointed Mark Jones, Chief Financial Officer and Commercial Director, as the Interim CEO and is completing an executive search, both internally and externally, for Yetton’s replacement and has appointed an executive search firm to support this process.
According to SocietyOne, Yetton has been the CEO of SocietyOne since March 2016. During this time, the lender has undergone significant transformation and growth. It was revealed:
“Total lending originations since inception have grown to $465 million as at 30 June 2018, from $70 million as at the start of 2016, and SocietyOne has now helped over 20,000 borrower customers to get a better deal on their lending. SocietyOne’s total loan book was $218 million, up from $41 million at the start of 2016. Over the past two and a half years, SocietyOne has built strong brand awareness and attracted significant borrower and investor funder interest in its lending marketplace. This has seen the company successfully scale-up its business, achieving record new lending of $184 million for the 2017 financial year, while also laying important foundations for its next phase of growth. In January 2018, the company successfully raised $7.75 million in shareholders’ equity via a Strategic Investor Capital Raise.”
SocietyOne also reported that over the past 6 months it has further strengthened its leadership ranks – including the appointment of Mark Jones, Simon Farrell (Chief Technology Officer), Christine Storey (Head of People & Culture) and Michael Vamos (Chief Operating Officer, Agri Lending). The lender has notably made changes to its systems and credit processes to ensure readiness for Comprehensive Credit Reporting and it has further expanded its distribution reach with the development of a new personal loan offering available through Mortgage Brokers.
SocietyOne Chairman Anthony Kerwick welcomed Jones as Interim CEO and praised Yetton for his invaluable contribution to the company:
“It’s with great respect and appreciation that we farewell Jason. During Jason’s leadership, SocietyOne has reinforced its position as Australia’s leading digital marketplace lender and made significant progress towards its goal to secure a larger share of the broader $100 billion consumer lending market. We thank Jason for bringing his experience, energy and drive to SocietyOne and we wish him all the very best in his next endeavour. Mark is an experienced finance executive who shares our vision to see SocietyOne become Australia’s leading, most trusted, lending marketplace. We know Mark will provide leadership continuity while the Board undertakes a formal executive search process and we welcome him to the role of Interim CEO.”