Cash Converters International Ltd (ASX:CCV) has made a number of changes to its executive management team.
The retail pawnbroking business will move Peter Cumins, who is currently the CEO and Managing Director, to the role of Executive Deputy Chairman.
The company will also promote Mark Reid, the current CEO of its Australian business, to be the new group CEO.
These management changes are part of Cash Coverters’ new strategy to re-ignite its international franchising business and address the underperforming divisions of its business (especially in the UK, which it says has returned to profitability this year).
Cash Converters posted a net loss of $5.3 million at 30 June 2016.