Don Magin stepped down as CEO of the Newcastle-based Greater Building Society on Friday after almost 28 years service, including six and a half years as CEO.
Chairman Wayne Russell said Don was leaving The Greater in very good financial shape, well positioned to continue to take on the big banks to benefit people in NSW and South East Queensland. He said The Greater’s net assets are now above $5 billion and it has been posting solid profits..
“Don was appointed just before the global financial crisis and has ably steered The Greater through difficult economic times and a period where the major banks significantly increase their dominance in financial services,” Wayne said.
“Don was instrumental in laying the foundations of The Greater’s strong customer service focus as well as its well regarded marketing and IT capabilities.”
The Greater currently enjoys customer satisfaction results as high as 97 per cent and has won a Roy Morgan monthly customer satisfaction award for 18 straight months.
After he became assistant general manager in 1989 Don was instrumental in introducing The Greater’s holiday and petrol offers which have since been copied by many organisations. The “get a home loan, get a free holiday” offer increased The Greater’s lending by more than 70 per cent in the first year.
One of Don’s first major acts as CEO was signing global comedian Jerry Seinfeld to successfully raise the Greater’s profile as a competitor to the increasingly dominant big banks.
Don lived the mantra of customer owned financial institutions to give back to the communities in which it operates. He has given his work time and private time to support many charities, community organisations and industry associations. He was also a driving force behind The Greater’s establishment of the Greater Charitable Foundation in 2011. Funded from The Greater’s profits, it has ready allocated more than $4 million to 11 charity partners.
Don will remain as Chairman of the Customer Owned Banking Association until November and continue in his roles as a director of Hunter Research Foundation, Hunter Medical Research Institute and Heal for Life Foundation.
“The Greater has been like a second family to me and I will particularly miss The Greater’s fantastic staff,” Don said.
“It has been a privilege to lead a great team to serve our customers.”
Wayne said the Board was finalising recruitment for a replacement but The Greater is in the capable hands of current deputy CEO Greg Taylor. Greg has just achieved 35 years of service with The Greater and has been in his deputy role since mid 2012.