KEY POINTS:
The former chief executive of troubled consumer finance company Geneva Finance has taken on the top spot at Mike Pero Mortgages - the third chief executive for the company in less than a year.
Shaun Riley finished up with Geneva at the end of July - just a
few weeks after it listed on the NZAX as part of a capital restructuring plan.
He has taken over from Sandra Pigram at Mike Pero after she left the company because of family reasons.
Pigram had only been chief executive since early this year after long-standing chief executive Jeff Staniland moved on to Christchurch investment company Gould Holdings.
Riley said his decision to move was based on the opportunities offered at Mike Pero rather than a desire to get away from Geneva. "It went through a tough time, but it was through it by the time I left. I see this [Mike Pero] as one of New Zealand's iconic brands."
The mortgage broking industry is also going through a tough time with property sales down and banks reducing commissions.
But Riley said Mike Pero had already moved to recognise the challenges through diversifying into insurance, personal loans and KiwiSaver. "This is a proactive company.'9'
Riley played down the company's high chief executive turnover rate. He said Staniland had been with the company for a long time and Pigram had intended to stay longer but had been called back to her home country Australia for family reasons.
Riley will be based in the Auckland office but will split his time between Auckland and the company's head office in Christchurch.
He was with Geneva Finance for two years and had previously been with Property Finance. Pigram also worked at Property Finance under Riley.
Geneva Finance managing director David O'Connell said it had been Riley's decision to leave but the company was not looking for a new CEO.
"The position is no longer relevant to our size and structure. When the role was commissioned we had operations in Australia and a staff of 300. We needed a CEO in addition to a managing director."
The company now has only 76 people and its operations are centralised in Auckland.
Geneva Finance shares last traded at 4c.
