Mr Paynter refused to disclose which senior managers had been let go due to privacy reasons but said it would be obvious to those connected with The Rock.
Mr Paynter refused to disclose which senior managers had been let go due to privacy reasons but said it would be obvious to those connected with The Rock. Google Maps

Four bosses go in The Rock merger

FOUR of The Rock Building Society's senior management team have been made redundant.

The move comes after the recent merger between the Central Queensland-based institution and Tasmania's leading financial services group, MyState Limited.

The Rock's new chief executive officer Andrew Paynter said yesterday a new leadership was being established after Tuesday's redundancies as part of a restructure.

Mr Paynter refused to disclose which senior managers had been let go due to privacy reasons but said it would be obvious to those connected with The Rock.

He said the redundancies were a result of direct duplication of executive and specialist roles following the merger.

"Three people were released on Tuesday and another will leave in March," he said yesterday.

Mr Paynter said changes were an inevitable part of any merger.

"There has been some bad news, but mainly the changes are positive," he said.

The new leadership team will have nine members, eight of them Rock employees in Rockhampton.

"I am pleased that the leadership team in Rockhampton will comprise almost entirely people that are local to the area and have been with the organisation for some time," he said.

Mr Paynter said another four employees from specialist roles within The Rock would be leaving the organisation by February 24, but no further redundancies were planned.

"The new organisational structure and leadership team places us in a strong position to realise the benefits of the recent merger," he said.

The new team and structure would create a stronger organisation and get benefits from "increased scale".

 

THE ROCK AND MYSTATE MERGER

  • The Rock announced its merger with MyState Limited on December 12 last year
  • It is now a wholly-owned subsidiary of MyState
  • MyState is Tasmania's largest locally-based financial services group
  • The Rock was established in 1967 and has nine branches and 20 mini-branches


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