John Maltby has quit Kensington Group and Alison Hutchinson will replace him as chief executive officer.
In a statement to the stock market the Kensington board stated it had “reaffirmed the importance of Kensington Mortgages as a leading specialist lender in the UK, which is the fundamental cornerstone of the future of the Group.
Following a strategic review the board expects an increased focus on the specialist mortgage market in the UK and Ireland, and in the light of this preliminary conclusion, Maltby has decided that he will step down as group chief executive to pursue other career opportunities.
Maltby’s career has included positions at Abbey National, First National Tricity Finance and executive director of the First National Group.
As well as taking over the chief executive officer role, Hutchinson will also remain managing director of Kensington Mortgages.
She joined Kensington Mortgages as managing director in October 2004, having previously been at Barclays, where she was marketing and communications director of Barclaycard.
Hutchinson says: There is no doubt we are living in a challenging market as we have discussed many times in the past few months.
As a result we will be looking at how we best position ourselves building on our excellent track record over the last 12 years and our Q1 new business performance, which is strong and ahead of this time last year.
I am privileged to have this opportunity as I have every confidence we will be bold as an organisation and do what it takes to remain on the front foot.
It is not yet known where Maltby is headed.
More to follow…