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REA Group today (9 February) announced its chief executive, broker, Susan Mitchell, will depart the organisation later this month.
The CEO of REA’s broker businesses – which include the Mortgage Choice and Smartline brands – Susan Mitchell, is to step down from her role on 18 February, it has been confirmed.
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Ms Mitchell, who has been with Mortgage Choice for 13 years (first serving as CFO, before taking on the role as CEO in 2018), joined REA Group when the business acquired Mortgage Choice in July 2021.
Following the initial integration phase of REA’s broker business, and as the group moves into “detailed execution”, Ms Mitchell has said that now is the right time for her to leave the business and “explore other opportunities”.
Ms Mitchell commented: “I have enjoyed every moment of my time with Mortgage Choice and REA Group, and it’s the people I will miss most.
“It has been wonderful to work every day with franchisees passionate about helping Australians secure finance to make their property dreams a reality, and a team equally as passionate about supporting the network.
“I look forward to seeing continued growth in the business.”
REA has said it will conduct an external search for the CEO, broker, role.
In the interim, Anthony Waldron, who has been advising on REA’s financial services growth initiatives over the last four months, will temporarily step into the position.
REA Group chief financial officer and CEO financial services, Janelle Hopkins commented: “In her time with Mortgage Choice, Susan played a key role in lobbying for brokers and supporting industry associations.
“I’d like to thank Susan for her dedication in driving the industry forward and for her work during this important transition period for REA’s broker business. I wish her all the best for her next chapter.
“REA’s Financial Services focus remains on integrating our broker businesses and identifying and delivering opportunities to support our franchisees’ success, as well as growing our presence in market.
“We are putting everything we’ve got behind our team as we strive to become the leading national mortgage broking business.”
Susan Mitchell’s history at Mortgage Choice
Ms Mitchell first joined the major brokerage in 2009 as chief financial officer, a role she held for nine years before being appointed CEO in 2018 following the departure of her predecessor, John Flavell.
Ms Mitchell was appointed CEO of Mortgage Choice on 3 April 2018 on an initial three-year contract.
During the first few years of her tenure, she led Mortgage Choice through a major restructure and the bank royal commission.
She was contracted to end her tenure on 3 April 2021 but extended her contract to 3 October 2022.
The REA Group then acquired the brokerage in July 2021 as part of its financial services business and announced that she would lead the combined Mortgage Choice and Smartline network (which currently has around 900 brokers under it) as CEO, broker, effective from 2 August 2021.
Ms Mitchell was responsible for the ongoing recruitment of brokers and fostering strong engagement across the broker network to drive increased submissions and settlements. Her immediate focus was on bringing together the Mortgage Choice and Smartline teams, while maintaining the momentum of both businesses.
Sam Boer, who was Smartline CEO, assumed the newly created role as general manager, partnerships and product development – financial services.
In December 2021, Ms Mitchell was named the CEO of the Year at the Women in Finance Awards 2021.
Commenting on her top tips for running a leading brokerage, she told The Adviser: “My approach to leadership focuses on two fundamental beliefs: listening to people and giving people a voice.
“Taking the time to listen provides deep insights into what’s happening across the business at every level.
“Giving my office team and our franchisees a voice allows others to take ownership of their role – and to share in the success of Mortgage Choice. Being a leader is not about having all the answers. Rather, I believe it is about encouraging everyone to have a say, and taking inspiration from their ideas.”
Ms Mitchell’s announcement of her resignation comes as Mortgage Choice and Smartline were named the third and fourth top brokerages in Australia, as per the Top 25 Brokerages 2022 ranking.
Speaking to The Adviser about the two brands’ success in the February 2022 edition of The Adviser, Ms Mitchell said: “For all the distractions that come with a global pandemic and the merger of two major brokerages, our focus is what it’s always been: helping Australians make better choices with their home loans for a better life.
“Some of the most important work we’re doing right now is planning the transition of Smartline franchises to the Mortgage Choice brand and Broker Platform with the least disruption to brokerages and customers.
“With this transition will come a renewed focus on marketing the brand and our unique proposition to new franchisees and brokers.”
[Related: Mortgage Choice officially joins REA Group]
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