Wisr Chair John Nantes to retire

Wisr Chair John Nantes to retire

ASX-listed fintech Wisr have announced that the company’s Chair, John Nantes, has signalled his intention not to seek re-election at the company’s AGM to be held in November 2023, and that he will retire from the Board, with effect from the closing of the AGM.

John Nantes will return from his leave of absence on 21 October 2023, and resume normal Board duties until his retirement.

Nantes’ decision to retire has been driven by a desire to ensure that the company and its business is not negatively impacted by perceptions related to Nantes’ familial relationship with Wisr’s former CEO, whose employment with the company was terminated in August 2023.

Matthew Brown, interim Chair of Wisr said, “The Wisr Board notes with gratitude that John has taken this step in the best interests of the Company and its shareholders. We commend him for conducting himself in an exemplary manner and observing best governance practice in recusing himself from deliberations relating to the termination of the former CEO’s employment, and now for further demonstrating his commitment to good governance and the best interests of shareholders, by stepping down to avoid any potential market unease regarding his family association with the former CEO.

“John joined the Wisr Board as a non-executive director in June 2016 and was appointed Executive Chair in August 2016. Following a concerted exercise to build the bench strength of the Company’s executive, he moved into the role of non-executive Chair in September 2021. During John’s 7-year tenure, Wisr has become a leader in the non-bank consumer market, with multiple industry awards for innovation and performance achieved. Over that time, Wisr’s operating revenue has grown from $1m to $92m and its loan book has grown from $8m to $931m. Through challenging periods such as COVID and the rapid interest rate rises of recent times, John has ensured the Board and executive work closely as a team to deliver these strong results.

“The entire Board acknowledges and appreciates the significant contribution John has made in driving the growth of the Company from its infancy, and in particular his efforts in leading a strategy towards profitability and enhancing diversity and governance initiatives within the Board and throughout the Company. John remains a committed shareholder and a friend of his fellow directors.”

John Nantes said, “I can retire knowing that Wisr is in great hands, with strong leadership in place for the next stage of growth. I look forward to following the Company’s further progress, as a shareholder. I wish to thank Wisr’s loyal staff, fellow Board members, shareholders and funders for being on the growth journey with the Company during my tenure.”

Following Nantes’ retirement, interim Chair Matthew Brown will assume the role of Chair on a permanent basis.