The company has announced that its founder and group chief executive has changed roles.
As of 1 January 2024, founder and group CEO of Pepper Group and chairman of Pepper Money Limited, Mike Culhane, has stepped down from his group CEO role and taken on a new role with the company.
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Pepper Financial Services confirmed that Mr Culhane came to the decision to change roles following “a successfully treated health issue”, with the full support of KKR and other shareholders.
Mr Culhane will remain as a member of Pepper Group boards and as the chairman of Pepper Money.
On this decision, Mr Culhane said: “I have taken the decision, with a heavy heart, to step back from the day-to-day executive duties of running Pepper globally.
“Whilst I will be stepping back, I will certainly not be stepping away and will continue to serve as a member of certain Pepper Group boards.
“I remain 100 per cent committed to the future success of Pepper across all its business lines and thank KKR and other major shareholders for their understanding and support as I make this change.”
Mr Culhane founded Pepper Money in 2000 and was responsible for the global financial performance and strategy of the business across the 14 jurisdictions in which Pepper Group operates.
He chaired the board from 2001–08 and was also responsible for the founding and operation of the diversified specialty finance business Oakwood Global Finance LLP.
Head of private credit at KKR, Daniel Pietrzak, said Mr Culhane has been “instrumental” in the growth and success of the company over the past 23 years.
“We, at KKR, have greatly enjoyed working with Mike and have a deep appreciation for his achievements,” Mr Pietrzak said.
“We wish him well as he focuses on staying healthy and welcome his continued involvement with Pepper.”
Mr Culhane extended his appreciation to Mr Pietrzak, KKR, and other shareholders during this transitional period.
“Pepper has been an integral part of my life for more than two decades and the last six years’ partnership with KKR [has] allowed the business to scale up significantly,” he said.
“Whilst I will greatly miss being in a day-to-day executive capacity, I feel confident that there is significant future upside to be realised for all stakeholders.”
[RELATED: Pepper Money launches SMSF lending]
