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The bond provider has appointed a new chief executive who will help “drive the company’s strategy and growth opportunities”.
Deposit Power has announced the appointment of Russell Harte, the director of Lombard Australia Holdings (the holding company of general insurance business Assetinsure), as its new CEO.
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Deposit Power works closely with the broker channel, providing brokers with access to an online platform to submit applications, pay and issue deposit bonds on demand.
It was previously headed up by general manager Grant Bailey, who has now left the company.
Mr Harte has taken up the role to lead the company in the CEO position to “drive the company’s strategy and growth opportunities, information technology and administration”, including evolving existing distribution channels and “enhancing operational efficiencies” within the business.
He will also be responsible for “integrating the Lombard Group’s entrepreneurial spirit into the Deposit Power organisation”, the company said.
Mr Harte has held several leadership positions within the banking, insurance and wealth management sectors – including as general manager of operational risk and compliance at NAB and CBA and was CEO of Standard Bank Jersey in the Channel Islands between 2010-2012. He has also been a fintech mentor at Stone + Chalk.
The bond provider’s chairman, Peter Wedgwood, commented: “Over the last three years, the Deposit Power team, which was previously headed up by Grant Bailey, has made excellent progress in establishing its business in the market.
“Our shareholders are making a significant investment in Deposit Power’s customer service, marketing and information technology and Russell has been engaged to lead these initiatives and to ensure we remain the pre-eminent deposit bond issuer.”
Commenting on his new role, Mr Harte said it was “an exciting time for Deposit Power” as it continues to provide its “flexible, convenient, low cost way of securing a property”.
“There are great opportunities in making the product more widely appreciated in the market,” he said.
“We are committed to developing our competitive advantage in technology, evolving our strategy, products and distribution channels as well as working closely with industry professionals and key stakeholders to align our business strategy with industry and customer expectations.”
[Related: Deposit Power reports 64% growth in 1 year]
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