Geffen, a co-founder of the business, which pioneered the mortgage origination industry in South Africa 15 years ago, has been the CEO of ooba from inception and has presided over the expansion of the company and its innovation in the home lending sphere. ooba, previously known as MortgageSA, won the South African Top Non-Listed Company Award in 2004.
The announcement of Geffen's departure coincides with ooba achieving the company's best monthly performance in five years in the value of home loans approved. The value of approved home loans in the month of May was 21.3% higher than May in the previous year, while the past six-month period is 26.7% higher than the equivalent period in the prior year. May 2013 was also 362% higher than January 2009, ooba's lowest month during the midst of the sub-prime, property and financial crises.
Geffen says that in addition to taking a much-needed breather, he will indulge his passions that he has not been able to prioritise over the years.
Says Geffen, "One day I was 24, the next 39. I remember always being the youngest person in the room. Now I'm on anti-oxidants and making lists of 'things to do before I'm 40'. It's time to indulge a little in life and family, and invest time in some of my passions that I didn't prioritise over the years. I will also now be able to focus on developing the business opportunities I have been thinking about."
Geffen continues, "With the business in excellent form and the platform for future growth solidly in place, it is finally time for me to hand over the reins. I am very fortunate to be able to entrust ooba's legacy to Rhys Dyer, and to know that ooba is in the most capable hands. He has the total backing of the management team and the board, and I have no doubt that under his leadership, ooba will continue to thrive and grow."
Dyer says that he is both privileged and excited to be offered the opportunity to take over from Geffen. "Saul leaves behind him an incredible legacy of innovation and growth," says Dyer. "It is fantastic to see ooba's results continuing to exceed expectations and achieve new five-year highs. ooba's industry-leading metrics are testimony to the abundance of talent that resides in the business. With this talent, the partnerships we have forged with real estate and the banks, and the trust we have built up with the homebuyer, ooba's future certainly looks very bright, set for continuing growth and delivery of value to all of our stakeholders."
Geffen says that he is proud to leave ooba thriving and growing, and to have been a part of the organisation's incredible journey. Says Geffen: "It has been a privilege to lead this organisation and I look forward to contributing to ooba's success in my new non-executive role.
"I cannot express adequately my gratitude to the ooba shareholders and board for their support, nor can I adequately thank ooba's business partners. The debt I owe to the magnificent, loyal, hardworking management team and staff is vast and I can only begin to thank them all for the staggering level of professional conduct and dedication they have delivered, making possible so many memorable triumphs," concludes Geffen.
