Thorn Group Chair Steps Down After ASIC Settlement
Radio Rentals owner, Thorn Group, has announced its Chairman Joycelyn Morton is stepping down, following its recent $6.1 million settlement with ASIC for consumer lease breaches.
Ms Morton will step down as Chair, however, will remain a Director until a replacement is appointed. Non-executive Director, David Foster, has been named Chairman in the interim.
Mr Foster was formerly the CEO of Suncorp Bank, with several other non-executive directorships in government and private placements.
The company’s board has expressed its thanks for Ms Morton’s seven-year Chairmanship, including her actions in the recent Radio Rentals’ ASIC settlement.
Thorn Group owned Radio Rentals stores faced a class action from Sydney-based law firm, Maurice Blackburne, who represented over 200,000 consumers from its ‘Rent Try $1 Buy’ lease.
Following an agreement with ASIC, Thorn Group agreed to remediate various fees and expenses of $6.1 million, plus pay a civil penalty of $2 million. The company also agreed to several changes within its consumer lease operations.
Thorn Group Radio Rentals stores are not associated with South Australian owned Radio Rentals outlets. In South Australia, Thorn Group trades as Rentlo Reinvented.
Ms Morton affirms her departure is at the “right time”, and will compliment a “refreshed board”:
“During my time as chair we achieved a great deal under difficult circumstances. We have a refreshed board, new leadership team, completed the ASIC settlement and appointed a new CEO who will commence on February 15. I therefore believe this is the right time for me to hand over to a new chair.”