SMB bank Tyro has concluded its search for a new leader, appointing the managing director of Tatts Group, Robbie Cooke, as its new CEO.
It is expected that Cooke will join Tyro at the end of March 2018, upon conclusion of his current role with Tatts Group.
Cooke takes over the top job from Rob Ferguson, who has been acting managing director since Gerd Schenkel left the company in June last year.
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For the past five years, Cooke has held the position of managing director and CEO of Tatts Group, a role which concluded upon the successful merger with Tabcorp in December 2017.
Prior to that, he served first as COO, and then as Managing Director and CEO, of Wotif.com over a seven-year period. During that time, Wotif.com scaled up significantly, achieved a circa five-fold increase in profits and undertook a successful ASX listing.
Tyro’s Chairman, Kerry Roxburgh, said, “After conducting an exhaustive local and international search, the Board is delighted to announce Robbie’s appointment. We believe he possesses all the skills and experience to lead Tyro into a new and ground-breaking chapter.”
Cooke is tasked with driving Tyro’s strategy of providing frictionless banking and access to lending for Australia’s under-served Small & Medium Enterprises (SMEs).
Currently, Tyro serves more than 20,000 SMEs with its own in-house, cloud-based mobile core banking platform. In FY17, Tyro processed more than $10 billion in payment transactions generating $121 million in revenue, reflecting 26 per cent growth, year-on-year.
Over the past five years, Tyro’s Compound Annual Growth Rate is 34 per cent. As the holder of an unrestricted Australian banking licence, Tyro has in excess of $100 million in capital and reserves.
“I believe Tyro is very well positioned with its proven track record and custom-built technology platform to better respond to the banking needs of Australia’s SMEs which are the backbone of our economy,” Cooke said.
“I am really looking forward to leading the Tyro team through the next exciting stage of its journey and building on its energetic and innovative spirit. As a business bank providing fair, transparent and smart banking solutions in a truly customer-centric way, we have a real opportunity to build on the successes Tyro has achieved to date,” he said.