Pioneer Credit Limited appoints new director and CFO to drive next phase of growth

Pioneer Credit Limited (ASX: PNC) (Pioneer) announces the appointment of highly credentialed banker Mr Stephen Targett as independent non-executive director. Ms Ann Robinson has resigned from her position as a non-executive director.

Pioneer also advises that Mr Barry Hartnett, the Company’s Chief Development Officer, has been appointed Chief Financial Officer after the resignation of Mr Jason Musca. Mr Hartnett will retain responsibilities for vendor relations, analytics and strategy.

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Non-Executive Director Stephen Targett has extensive financial services experience as both a board member and an executive in Australia and overseas.

He is currently Chair of P&N Bank and was formerly Chair of BCU. Previously, Mr Targett was Chief Executive Officer of RACQ Bank and, in successive executive positions, successfully led National Australia Bank’s European services, Lloyds Banking Group’s wholesale and international division, and ANZ’s institutional bank.

Pioneer Chairman, Mr Michael Smith said the strong board of seasoned directors has a tight fit to the Company’s strategy to grow as the sector’s best example of a customer focussed business.

“The strengthening of our Board through the appointment of Stephen is a great outcome as we position Pioneer as a vendor’s first choice to support customers as they rehabilitate out of financial difficulty.

“To attract a non-executive of Stephen’s calibre is a strong reflection of where we are heading as a company and the progress of our multi-pronged strategy to strengthen the balance sheet, build resilience and generate value.

“Stephen’s extensive financial services experience will enhance the Company’s capital management, reinforce relationships with vendors and assist in product development”, said Mr Smith.

Mr Smith also thanked Ann Robinson for her contribution as a director since 2018.

“Ann has been an exceptional director and we wish her well.

“As we welcome Stephen, the Pioneer Board is the strongest it has ever been. He joins Peter Hall who was appointed in January 2021, experienced non-executive director Andrea Hall and Pioneer’s founder Keith John.

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About Pioneer Credit

Pioneer Credit is an ASX-listed company, specialising in the acquisition of impaired or non-performing debt portfolios from various vendors, with the majority sourced from Australian banks, non-banks and regional lenders.

With more than 250,000 customers throughout Australia and New Zealand, Pioneer’s focus is on providing them with exceptional levels of customer service along with a range of products and solutions to help them achieve their financial goals.

Credit management services and companies such as PNC form an important part of the Australian financial services ecosystem, providing a balance sheet and capital management tool to lending institutions that lack the bandwidth, infrastructure or expertise to collect low value non-performing loans in a cost efficient manner.

Pioneer Credit has the trust of long-term vendor partners to do the right thing and respectfully support customers to achieve their financial independence. Pioneer Credit has established a solid foundation to pursue further growth by leveraging its outstanding industry relationships, compliance record and customer-focused culture.

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