Tyro founder and chief executive Jost Stollman is handing over the reins at the recently licensed bank to the former head of UBank, Gerd Schenkel. Stollman will remain with Tyro as an executive director. The company said in a statement that the acquisition of a banking licence and the recent completion of a A$100 million capital raising prompted the company to look at its leadership structure. Schenkel has also worked at Boston Consulting Group, Citigroup and Telstra, where he was digital executive director. Australian mortgage delinquencies have hit a three-year high and are likely to climb higher, according to Moody's. The ratings agency said the proportion of mortgages in arrears by 30 days or more rose from 1.34 per cent in May last year to 1.5 per cent in May this year. Moody's, which tracks the performance of loans in mortgage-backed securities portfolios, said delinquencies in Western Australia, Tasmania and the Northern Territory were at their highest level since it started keeping records in 2005. Moody's said delinquencies would rise "moderately" for the rest of the year.