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One of Australia’s largest aggregators has shaken up its leadership structure, with two new CEO positions being created.
LMG has changed its senior leadership structure, including by creating two new CEO positions, amid a swathe of leadership changes.
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Sam White will continue to lead the group as executive chairman of LMG.
However, two CEO positions have now been created; one to lead the brokerage brand (Loan Market) and another to head up the wholesale aggregation offerings under LMG.
David McQueen, the group’s former chief risk officer and group executive for strategic partnerships, has been named as the CEO of the Loan Market brokerage. He will begin in the position this month.
He has more than 20 years of leadership experience and has played a leading role in the group’s ‘compliance by design’ initiatives and strengthened lender relationships since joining in 2019. Prior to joining the group, he had extensive experience in the banking industry.
A second CEO – yet to be appointed – will lead the wholesale aggregation offerings.
Luke Jarmaine, the former chief information & security officer, will act in the role of chief risk officer, effective immediately.
‘Distinct strategies and leadership for both Loan Market and LMG is essential’: White
Commenting on the leadership changes, executive chairman White said: “Over the last three decades, we’ve grown and evolved significantly. Now, as we look ahead, it’s clear that having distinct strategies and leadership for both Loan Market and LMG is essential to support brokers and drive further innovation.
“David’s deep understanding of the broker landscape, combined with his strategic vision, makes him the ideal choice to lead the next chapter of Loan Market.”
McQueen said he was excited to take on the role of CEO at Loan Market: “Since joining in 2019, I’ve been driven by the unique culture at Loan Market – it’s what truly sets us apart.
“My 15 years in leadership across credit distribution, product development, and customer experience, have always been about one thing: supporting brokers.
“As CEO, I’ll focus on listening to what brokers need, delivering on our promises and championing the industry so brokers can continue to thrive.
“Everything we do, like we have done, is about supporting our brokers and preserving the close-knit, family culture that makes Loan Market special.”
The group is now “working through a process to appoint a CEO for LMG” and expected to have an announcement “in the coming months”. During this time, Rob Thomas will continue as national director for member service offerings.
As well as the CEO changes, a number of other senior leadership changes have been confirmed.
Andrea McNaughton – the former group executive, residential who has been on a period of leave for health reasons – will be starting up her own Loan Market business next year.
In the meantime, she will be supporting the group to bolster its broker education.
Andrew Thompson, the national director of Loan Market, is also moving to join the Loan Market network as a business owner, joining forces with his wife Stephanie Thomas.
He said: “After almost 20 years in the industry, I’m excited to take everything I’ve learned and apply it to my own business.
“Joining my wife, Stephanie, in our Loan Market business is an opportunity I couldn’t pass up. I can’t wait to build something special together and continue working within this amazing network.”
The remaining leadership team will remain as is, including:
- Ewen Stafford, executive director & chief operations officer
- Stephen Scahill, group executive for LMG Commercial
- Tom Caesar, group executive for LMG Asset Finance
- Jakob Hojgaard, group executive, technology
- Jason Furnell, group executive, customer experience, and
- Cherie Bell, group executive finance (CFO) & corporate strategy
Cathy Waters, manager for lender partners, and Sean Reid, general manager for distribution strategy, will also remain supporting the leadership team.
White said that these leadership changes reflected LMG’s commitment to providing brokers with strong, dedicated support while ensuring it has “the right structure in place to continue to deliver value to [its] brokers”.
“We’re focused as ever on the promises we make to brokers; save you time, keep you safe, diversify your revenue, find and keep clients and grow your business,” he said.
The leadership restructure comes following years of change at the major aggregation group.
In 2023, it announced it was consolidating all of its aggregation brands to form one aggregator: LMG.
The move, which was being rolled out in a phased approach over 2023, retired the PLAN Australia, Choice Aggregation, and FAST brands, which had been in use for a period after the group bought the three aggregators from NAB in 2021.
[Related: Loan Market to operate as one aggregator]
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