Stockford names new managing director
Former AGC managing director John Malouf has joined financial services groupStockfordas its managing director and chief executive officer.
Malouf, a veteran of the financial services sector with more than 30 years experience, will take up the position from April 9, 2002.
Prior to holding the position as managing director of AGC, Malouf was the chief executive of Beneficial Finance and also held a senior executive position with Citicorp Australia.
Stockford chairman Brian Clayton says Malouf's management experience would enable him to make a significant contribution in leading the company.
The addition of Malouf comes after Stockford announced a significant half year loss last month.
As previously reported inMoney Management, Stockford reported a $3.9 million loss for the half year to the end of December 2001, a figure almost $3.5 million worse than the corresponding period in 2000. The loss came despite a significant upsurge in revenue.
The group’s revenue grew by almost 400 per cent to reach $60.2 million for the half year, up from just over $12 million in the corresponding period in 2000.
At the time, Clayton blamed the loss on what he said were a number of significant one-off costs, including the payment of $1.4 million for the lease of unused office space in Sydney.
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