New Direction For Former Imb Chief

Illawarra Mercury

Wednesday January 7, 2009

By GREG ELLIS

FORMER IMB chief executive Wayne Morris has started the year as a director of Newcastle Permanent Building Society.

Mr Morris left IMB in October 2007 after a decision not to renew his contract despite his eight-year stint as chief executive which coincided with nine consecutive record profits.

It was an era in which assets grew from $1.5 billion to $4.6 billion and net profit increased from $6 million to $20 million.

During his time in the top job, IMB launched the IMB Community Foundation, became the first non-bank financial institution in Australia to get Standard & Poor's investment-grade rating and was named Money Magazine's Building Society of the Year in 2005 and 2006 and Australian Banking & Finance Magazine's Best Building Society in 2007.

But the man who started his career with IMB as a teller at Figtree in 1977 is also remembered for his people skills and personal management style, giving out birthday cards and Christmas gifts.

During the past 15 months he has pursued other interests, such as motor racing and basketball, while looking for another opportunity in the finance industry.

Yesterday Newcastle Permanent Building Society announced it had appointed the 2004 Integral Energy Illawarra Business Person of the Year to its board, along with Kevin Jarry, a former business financial services general manager with NAB.

Mr Morris was chief executive of IMB from 1999 to 2007 and Newcastle Permanent chairman Michael Slater said the board was impressed with his track record.

He said Mr Morris had enjoyed a successful career and his knowledge and experience would complement the skill set of the present board, which had been expanded to eight.

Mr Morris said he looked forward to contributing to Newcastle Permanent after following its progress for many years.

"This opportunity fits in with my philosophy of being involved in mutual organisations," he said.

Newcastle Permanent is a large mutual organisation owned by its members. It was Money Magazine's Building Society of the Year in 2007 and 2008 and The Australian Financial Review named it Building Society of the Year in the 2008 Smart Investor's Blue Ribbon Awards.

It has more than $6 billion in assets and has been providing financial services to its members for more than 100 years.

It has also committed $30 million to the Newcastle Permanent Charitable Foundation.

Mr Morris is presently involved in generating corporate sponsorship of the Jesus Racing Team's V8 Super Car for 2009 and is looking for opportunities to contribute to other community activities.

© 2009 Illawarra Mercury

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