Recoveriescorp

Recoveries Corporation Group Limited (RCGL) announces retirement of MD and CEO, David Mond

A message from the Recoveries Corporation Limited Board, 5 September 2017

MELBOURNE, 5 September 2017 – Recoveries Corporation Group Limited (RCGL), leading national provider of debt recovery solutions and business process services, today announced the forthcoming retirement of Managing Director and Chief Executive Officer, David Mond, effective 1 November 2017.

David Mond co-founded Recoveries Corporation Group with Leon Sholl in 1991 and together they grew the business from five employees to over 600 staff, operating within government, insurance, banking and finance, utilities and telecommunications market sectors across three cities in Australasia. The Group was recently acquired by Transaction Capital, a listed company in South Africa.

Mr Mond stated, “My decision to retire, while not an easy one to make, was influenced by the fact that I will soon celebrate my 65th birthday. I consider myself privileged, both professionally and personally, to have spent more than a decade leading the Group and working with our fabulous staff, customers and shareholders.

“I am confident recoveriescorp will continue to execute its strategic plan and advance our commitment to provide outstanding contact centre solutions and business process delivery across Australasia into 2020 and beyond. I look forward to continuing to work with the Board and the Executive Team through the transition period and thank the entire team at recoveriescorp for their hard work and for what we have built together. I am also confident that the Group will continue to flourish and succeed under the stewardship of Transaction Capital.”

Joan Fitzpatrick Chairperson, commented “The Board is very grateful to David for his 26 years of service.  We are deeply appreciative of his achievements in growing the business, his unwavering commitment to staff and clients and his passionate leadership. He will be sorely missed. 

“We are delighted that Nicholas Harrak, who is currently Chief Operating Officer, will succeed Mr Mond and assume the role of CEO on 1 November 2017.  Nicholas is a talented and skilled leader and we look forward to an exciting future with him at the helm, combined with the many opportunities our new owners, Transaction Capital, bring to the organisiation.

“The Board of Directors and leadership team will continue to lead the business, committed to delivering superior service to all our Group’s valued clients and achieving our strategic business plan over the next three years.”

 

BOARD AND EXECUTIVE MANAGEMENT

  1. On 1 November 2017, Nicholas Harrak (current Chief Operating Officer of recoveriescorp) will assume the role of CEO of Recoveries Corporation Pty Ltd (RCPL). http://linkedin.com/in/nicholas-harrak-435b5339
  2. Mark Josman, CEO of Transaction Capital Risk Services Australia Holdings Pty Limited (TCA) also joins the RCGL current Board of Directors, Joan Fitzpatrick (Chair), Leon Sholl, John Wauchope, David Hurwitz, David McAlpin and Michael Mendelowitz. http://linkedin.com/in/mark-josman-32b7b210
  3. Leon Sholl, Solicitor Director and co-founder of the Group will remain on the RCGL Board and will continue to support the recoveriescorp and Mason Black Lawyers leadership teams.

 

ABOUT RECOVERIES CORPORATION GROUP LIMITED

Recoveries Corporation Group specialises in providing contingent fee for service debt recovery solutions, backed by industry leading analytics systems and processes.

With over 600 staff and offices in Melbourne, Sydney and Suva, the Group provides integrated best practice solutions while protecting clients’ customer relationships and brand position.

 

ABOUT TRANSACTION CAPITAL (TC) AND TRANSACTION CAPITAL RISK SERVICES AUSTRALIA HOLDING LIMITED (TCA)

Transaction Capital Ltd (TC) is a non-deposit taking financial services group operating in the credit and debt recovery services market segment, and active in virtually the same industry and government clients as Recoveries Corporation Group. TCA is owned by a South African listed company, TC, a company with a market capitalization as at 30 August 2017 of R8.6B or $829m.

 

THE EVOLUTION OF RECOVERIES CORPORATION GROUP LIMITED

With the next generation of leadership now in place, including entrepreneurial and experienced executives with long tenures, the Group is in an excellent position to leverage on further expansion opportunities.

Over 25 years, the Group has experienced robust organic growth in clients operating within diverse market segments including the government, insurance, banking and finance, utilities and telecommunications market sectors within Australia.

The Australian debt collection industry is highly fragmented, with approximately 20 companies accounting for 85% of the market. This provides an excellent opportunity for the Group to expand acquisitively in Australia, utilising capital available from Transaction Capital.

Recoveries Corporation’s vast expertise in the insurance recoveries industry will be applied through Transaction Capital to facilitate its entry into South African insurance recoveries sector. Transaction Capital’s expertise in acquiring non-performing loan portfolios will be applied to facilitate the Group’s expansion into this adjacent market. The purchasing of non-performing loan portfolios comprises the majority of debt recovery activity in the Australian industry and accordingly presents an attractive growth prospect.

 

Ends

 

For more information contact

+61 3 9916 6161
+61 412 093 790

Denice Fraser
Denice_Fraser @ recoveriescorp.com.au
Executive Manager – Marketing & Communications
Recoveries Corporation Group Limited

Or visit www.recoveriescorp.com.au