Top bosses leave HML
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HML have announced that chief executive, Brian Brodie and chief commercial and finance officer, Neil Warman have decided to leave the company.
Richard Twigg, group finance director of Skipton Building Society and chairman of HML, says: “We would like to thank Brian and Neil for the enormous contribution they have made to HML over the last three and a half years and wish them every success for the future.
“Whilst recruitment activity begins to find permanent successors, Andrew Jones, currently chief operating officer will act as interim chief executive.”
Jones adds: “We will enter 2012 with a stable and sustainable operational and financial base, giving us the right platform to develop and grow, backed by Skipton Building Society.”
HML’s 2010 accounts reveal the company made a profit before tax of £64,000 for 2010, compared with £3.4m in 2009.
Its profit would have been £5.48m if it had not have been for restructuring costs.
The restructuring included the closure of two operational sites and the transfer of certain functions to its head office.
HML also reduced staff levels from 1,966 to 1,460 in 2010, while its assets under management fell from £47.46bn in 2009 to £43.47bn in 2010.
The servicer has lost two high profile clients in the last 12 months. In December 2010 GMAC-RFC announced that it was taking the servicing of its £3.6bn book in-house, followed by Nationwide Building Society in January transferring the administration of a combined £2bn mortgage book in-house.
In August talks were believed to have broken down between Vertex and Skipton over the acquisition of HML.
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