Pepper Group Company Statement
United Kingdom16 January 2024

Effective Jan 1st, 2024, Mike Culhane, Founder and Group CEO of Pepper Group and Chairman of Pepper Money Limited (PPM:ASX) has taken on a new role at the company. As a result of a successfully treated health issue, Mike has decided, with the full support of KKR and other shareholders, to step down as Group CEO. Mike continues to serve as (1) a member of certain Pepper Group boards and (2) as Chairman of Pepper Money Limited (PPM:ASX).

Dan Pietrzak, Head of Private Credit at KKR said, “Mike founded Pepper in 2000 and has been instrumental in its growth and success over the past 23 years. We, at KKR, have greatly enjoyed working with Mike and have deep appreciation for his achievements. We wish him well as he focuses on staying healthy and welcome his continued involvement with Pepper.”

Mike responded “I would like to thank Dan, KKR and other Pepper shareholders for their kindness as I make this change. Pepper has been an integral part of my life for more than two decades and the last 6 years’ partnership with KKR have allowed the business to scale up significantly. Whilst I will greatly miss being in a day-to-day executive capacity, I feel confident that there is significant future upside to be realised for all stakeholders. To that end, I look forward to continuing to support my wonderful 6,000 plus colleagues at Pepper and its shareholders as a member of the Pepper Group board.”