Ex-Post boss to head new lender

FORMER Australia Post boss Ahmed Fahour will be the new chief executive of Latitude Financial Services in a move which has delayed the company’s proposed $3 billion float until the new year.

The Melbourne finance business said Mr Fahour would replace Sean Morrissey, who will return to the UK for health and financial reasons.

“Ahmed is the ideal individual to take the helm of Latitude as we embark on a new chapter and seize the opportunities that exist in a changing financial services landscape,” Latitude chair Mike Tilley said yesterday.

“His experiences and proven track record running largescale enterprises perfectly suit our ambitions as a growing challenger in a market in which customers demand better services and solutions.”

Mr Tilley said the plan to list on the stock market had been “deferred” given the leadership changes and “external market considerations”.

The board would continue to explore strategic options, which may include a future listing on the Australian Securities Exchange, he said. Latitude, which has run a highprofile advertising campaign fronted by Hollywood star Alec Baldwin, provides personal loans, credit cards and insurance products.

The non-bank lender also provides the interest-free loans and payment plans offered by major retailers including JB Hi-Fi and Harvey Norman.