SocietyOne appoints former ME Bank CEO to board

Peer-to-peer lender SocietyOne has appointed two new board members as independent non-executive directors. 

The company said former ME Bank CEO Jamie McPhee and former senior vice president at American Express Melanie Cochrane would bring important finance experience to the organisation.

It comes as the personal lender prepares to launch an initial public offering later this year.

In a statement, SocietyOne said it is “strengthening its strategy, governance and risk capabilities as it embarks on the next stage of its development and growth”.

Earlier this year, Westpac signed on SocietyOne as the second user of its digital banking-as-a-service platform.

Through Westpac’s platform, SocietyOne plans to offer digital banking services in the second half of this year.

The services will include a transaction account offered to its 75,000 customers, which will be accessible via an app.

SocietyOne CEO Mark Jones welcomed both non-executive director appointments.

“Jamie and Melanie bring significant and relevant corporate experience to SocietyOne and equip us with capabilities that will help us sharpen our strategic focus and accelerate the momentum the business is enjoying,” he said.

Prior to joining SocietyOne, McPhee spent more than 10 years as the CEO of ME Bank, as well as executive director of Bendigo and Adelaide Bank and the managing director of Adelaide Bank.

McPhee said SocietyOne “is at an extraordinary time in its journey” and that he looked forward to “the opportunity to contribute to the next phase of the company’s growth and development.”

Cochrane worked for American Express for 25 years, leading corporate payments before taking on the merchant services business for the Asia Pacific region.

SocietyOne shareholders include News Corp, Seven West Media, Australian Capital Equity, Consolidated Press Holdings, EISS Super, G&C Mutual Bank and Reinventure Group.