Aussie Home Loans CEO stands down
Stephen Porges, the chief executive of mortgage brokering company Aussie Home Loans has resigned.
The move has been prompted by company founder John Symond’s decision to hand control of the company over to the Commonwealth Bank.
In March, the Australian Competition and Consumer Commission granted the bank the permission to increase iits 33 percent stake of the company, which it acquired in 2008, to 80 percent, reports The Australian.
In December last year the Commonwealth Bank announced its intentions to increase its stake in the company, and the move up to 80 percent has reportedly cost it around $200 million.
It can take full control of Aussie Home Loans by 2016.
It is believed the company’s board will be responsible for deciding on a new CEO.