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The SME challenger bank has announced changes to its leadership as it moves from a dual CEO model to having a single leader at the helm.
Judo Bank has announced changes to its senior management team that will see the bank move to a single-CEO model.
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The lender, which was formed in 2016 by a troop of former National Australia Bank executives after raising seed funding, has had two CEOs at its helm: co-founders Joseph Healy and David Hornery.
While the duo have spearheaded the SME lender over the past few years, including during its transition into Australia’s first SME-focused bank, it will now move forward with a single CEO model.
Joseph Healy will become the CEO of the bank while co-founder David Hornery transitions to a non-executive director role on the Judo board.
Mr Hornery will continue to support the management team as he transitions to the board.
Judo Bank CEO Mr Healy commented: “As co-founder and co-CEO, David has been integral to the foundation and growth of Judo from an early-stage start-up into Australia’s leading SME challenger bank, and his transition to the board will allow Judo to continue to benefit from his vast experience, wise counsel and guidance long into the future.”
Speaking of his transition, Mr Hornery added: “Both Joseph and I have always been deeply passionate about supporting small-to-medium-sized business in Australia, it is the backbone of this country, and we have long shared the view that these businesses have been taken for granted by the big banks for far too long.
“Sitting together in 2015 on a Friday afternoon, we decided to actually do something about it, that there was a real opportunity to purpose build a new bank, from scratch, that restored the craft of real relationship banking.
“Since that first conversation in 2015, we’ve received our banking licence, raised more than $1 billion in capital, built a national footprint with over 280 staff across the country and grown our loan book to over $3 billion in helping Australian SMEs build and grow their businesses.”
He added: “It’s been an amazing journey, and with that team in place, and the bank’s strong market position and growth trajectory, I believe now is the right time for me to transition to a board role with Judo as a non-executive director.”
Chairman Peter Hodgson said the bank was “delighted” to welcome “a director of David’s calibre to the board”.
“David is an outstanding executive and leader, who will bring a wealth of banking and capital markets experience to the board as Judo continues to execute on its ambitious growth agenda,” the chairman said.
[Related: SME funding gap jumps 5%: Judo]
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