Following a record first quarter performance at Pioneer Credit Limited and an expected return to profitability in FY23, the Company announces changes to its Board of Directors, as part of its ongoing Board renewal process. In line with the succession plans of the Company, long-standing Chairman, Michael Smith, will retire from the Board on 31 December 2022. Non-executive Director Steve Targett, who joined the Board in June 2021 has been appointed as Chairman-elect, and will assume the Chair from Michael's resignation. Steve had a distinguished career in banking and financial services, including seven years running the Wholesale Banking Divisions of NAB, Lloyds Bank and ANZ, before retiring from his executive career in 2018. He is Chair of P&N Bank and his previous directorships include Lloyds Bank in the UK, National Australia Group Europe, National Bank of New Zealand, International Swaps and Derivatives Association and Cuscal. The current Chair of the Audit and Risk Management Committee (`ARMC'), Andrea Hall, will resign effective from the release of the Company's half year accounts, scheduled for 24 February 2023. Following this, Non Executive Director, Peter Hall, who joined the Board in 11 January 2021, will become Chair of the ARMC. Peter is an experienced director who had a significant executive career in financial services, with specific expertise in credit risk, including five years as Managing Director of Genworth Financial Australia and New Zealand and five years as Managing Director at GE Mortgage Insurance Australia and New Zealand. Peter recently completed a 6 year tenure as a Non Executive Director and Chair of Risk and Compliance and Credit Committees at BNK Banking Corporation Limited.
Michael Smith, who has chaired the Company since its initial public offering in 2014 reflected on
his extraordinary journey at Pioneer.