Mortgage Choice names new chairman to succeed Peter Ritchie

Mortgage Choice has named Bennelong Funds Management and Mirvac Funds Management director, Vicki Allen, to replace retiring chairman Peter Ritchie.

Allen has been appointed a director at the broker and will assume her role as Chairman after Ritchie retires on July 1.

Ritchie, who announced his intended retirement at the company’s AGM in October 2016, will officially retire from the Board next month after more than 13 years with the business, Mortgage Choice said in a media release.

Allen has a background in financial services and property investment.

“This year, Mortgage Choice celebrates its 25th birthday. The company was one of the original mortgage brokers in Australia and remains one of the pre-eminent brands within the marketplace,” Allen said on her appointment.

“I am excited and honoured to have the opportunity to work alongside both the Board and the executive team to continue to deliver positive results for the company."

Mortgage Choice chief executive officer John Flavell, while welcoming Allen, said Ritchie would be missed. 

“Peter joined Mortgage Choice in 2004, and throughout the years he has helped the business transform from a mortgage broker, to an ASX300, fully-fledged financial services company that has cemented itself as one of Australia’s most loved financial services brands,” Flavell said.

The broker had said earlier that more than 20 percent of borrowers were choosing to fix their home loan as lenders continued to change their interest rates out of cycle with the central bank.

Ritchie said he was honoured to have been a part of the Mortgage Choice business.