Thorn Group Ltd (ASX: TGA) have this morning announced the appointment of Peter Lirantzis as the company’s new CEO effective from February 10, 2020.
Thorn Group is a diversified financial services organisation which owns the Radio Rentals chain and provides alternate consumer and commercial financing solutions, consumer and commercial leasing products and fully integrated debt collection and receivables management.
New Beginnings For Thorn?
Mr Lirantzis will attempt to lead the consumer and commercial leasing and financing specialist through a period of revitalisation in 2020. It seems that his experience in banking, finance and insurance sectors along with his proven track record in business transformations was what won him the top job.
Mr Lirantzis faces an arduous task, shares in the company have been on a one-way ride for much of the past five years, having fallen more than 90% from their highs. To put that into context, a share price fall of 90% requires a subsequent 1,000% increase to get back to the original price before the fall.
Commenting on his appointment this morning, Mr Lirantzis said, “Thorn provides critical financing products that enable individuals and businesses to achieve their goals, and I am looking forward to leading the team to continue to improve the ways in which we help our customers meet their financing needs and ensuring that the organisation is well positioned to leverage its embedded strengths and take advantage of emerging opportunities.”
Today’s appointment may be a catalyst for improved business performance at Thorn and could result in a bit more interest in their shares at a seemingly depressed share price.
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At the time of publishing, Luke has no financial interest in any companies mentioned.
