AFG Co-Founder Malcolm Watkins Resigns from Board After 32-Year Tenure
Malcolm Watkins, a co-founder of Australian Finance Group, has announced his departure from the mortgage wholesaler's board, concluding a remarkable tenure of nearly 32 years with the company, which is valued at approximately $500 million. This move marks a significant transition for AFG, a key player in Australia's mortgage industry.
Retaining Stake and Reflecting on Legacy
Despite stepping down, Mr Watkins will maintain a 5.4 per cent stake in AFG, valued at around $27 million based on Wednesday's share price. In a statement, he reflected on AFG's evolution from a startup to a successful publicly listed entity, now responsible for one in every nine residential mortgages written across the country. "The role mortgage brokers play in delivering genuine competition and choice for Australian consumers is vital, and I am proud of the leadership role myself and AFG has taken in advocating for the industry," he said.
Founding and Technological Contributions
Mr Watkins co-founded AFG in 1994 alongside Brett McKeon, Kevin Mathews, and the late Brad McGougan. He played a pivotal role in developing the technology utilised by AFG's network of 2300 affiliated mortgage brokers, which has been instrumental in the company's growth and operational efficiency.
Company History and Leadership Changes
AFG listed on the Australian Securities Exchange in 2015 following a $140 million float. This event allowed the three surviving founders and Mr McGougan's family to share nearly $80 million from a selldown of their shareholdings. Mr Watkins transitioned to a non-executive director role in 2022, and with his departure, Brett McKeon remains the sole founder on the AFG board. Mr McKeon stepped down as managing director in 2017, succeeded by then chief financial officer David Bailey, who continues to lead the company.
Tributes from Leadership
AFG's chair, Greg Medcraft, former head of the Australian Securities and Investments Commission, praised Mr Watkins for his foundational contributions. "Malcolm has been fundamental to the success of AFG from day one," Mr Medcraft stated. "During his time as an executive director, Malcolm was responsible for the company's technology development programs, electronic delivery systems, and national marketing operations." This acknowledgment underscores the lasting impact of Mr Watkins' work on AFG's strategic direction and market presence.
