The CEO of an Australian lender has decided “pass the baton” and tender his resignation, it has been announced.
Newcastle Permanent Building Society chief executive Terry Millett has spent ten years in the role, which he will leave towards the end of the year.
Millett said that although he was still enjoying being the CEO, after overseeing the strong and consistent performance of Newcastle Permanent over the past decade, he felt that it was the right time to ‘pass the baton’.
Millett has agreed to stay on in the CEO role until later in the year to help maintain business momentum while a suitably qualified successor is found, and to assist with an orderly and smooth transition to the new CEO.
The chair of Newcastle Permanent, Jeff Eather, said Millett’s tenure as CEO has been exemplary and he would be greatly missed by the nearly 1,000 staff, his senior management team and the board for his dedication, enthusiasm and acute business acumen.
Millett said he is very grateful to the Board for the opportunity of serving as the CEO of Newcastle Permanent and expressed confidence that there was a strong and talented management team to carry the organisation forward without any disruption to operations.
Eather said the board will commence an Australia-wide recruitment process for Millett’s replacement immediately.
