Nicholas Harrak will become CEO of Recoveries Corporation from November 1, replacing co-founder, MD and CEO David Mond.

Mr Mond retires almost a year after he and fellow founder Leon Sholl sold the company to South African listed group Transaction Capital. Mr Sholl will remain on the board.

The pair grew the business from five employees in 1991 to more than 600 staff across three cities in Australasia operating debt recovery services within the government, insurance, banking and finance, utilities and telecommunications sectors.

Mr Harrak is currently COO and has been with the company since 2000.

Transaction Capital Risk Services Australia CEO Mark Josman also joins the Recoveries Group board alongside Joan Fitzpatrick (Chairman), Mr Sholl, John Wauchope, Andrew Metcalfe, David Hurwitz, David McAlpin and Michael Mendelowitz.