Cash Converters management shakeup

cash convertersPayday lender and secondhand goods retailer, Cash Converters, is overhauling its management as it works to improve its lending practices and arrest a sharp slide in its share price.

Chief financial officer and company secretary Ralph Groom will step down after more than 20 years with Cash Converters, and will be replaced as CFO by the company’s current chief operating officer of financial services Martyn Jenkins.

Jenkins is a fellow of the Association of Chartered Certified Accountants and has held a number of accounting and financial reporting roles in the UK and Ireland, before taking up senior finance roles in ASX listed companies, GCS and Onterran (formally Nomad Building Solutions).

He joined Cash Converters in 2013 as group financial controller and was later seconded to the role of general manager for UK operations in 2015.

Former Bank of Queensland company secretary and general counsel Brad Edwards will take on the company secretary role.

Both new appointments begin on July 1.

Chief executive Mark Reid said the changes come as the company continues to build a strong and resilient business base and positive outcomes for its customers and shareholders.

“The combined benefits of Martyn’s previous roles with Cash Converters and Brad’s outstanding breadth and depth of experience in regulatory matters and the finance sector bring an additional layer of knowledge and expertise to Cash Converters,” he said.

The company made a loss of $11.1 million in the 2015/16 financial year, and its profit fell 28 per cent to $11.5 million in first half of 2016/17.

It is working on strengthening its lending practices after the federal government vowed to tighten regulations on payday lenders.

Cash Converters shares have fallen 50 per cent since August 2016, and are down two per cent to 24.5 cents on Tuesday, their lowest value since November 2008.

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