LandMark White chief executive Chris Coonan quits over data hack

LandMark White chief executive Chris Coonan has resigned in the wake of a data breach scandal.

LandMark White CEO Chris Coonan has resigned in the wake of a data breach scandal in which the home loan details of about 100,000 customers were hacked.

The breach prompted banks to review their ties with the valuation group and resulted in a sharemarket plunge.

The company’s board said it acknowledged Mr Coonan’s efforts in growing the business.

But Mr Coonan and the directors said the changing nature of the business and market conditions — combined with major reputational challenges caused by the recent cyber-attack — had altered the requirements for the chief executive role and the company’s executive leadership.

“LMW is now recovering from a significant challenge to our business,” the company said, adding its leadership was “acutely aware” that a renewed look at its operations and culture was “imperative”.

The board will kick off a search process for a new chief executive, with Timothy Rabbitt appointed in an acting role. He has been the managing director of Taylor Byrne, one of the largest single entity valuation firms in Australia.

LMW in October last year announced a merger with Taylor Byrne to lock in its position as the largest, locally owned ASX-listed valuation property services business.