Wright will retire from the post he has held since April 2002 at the end of December.
McCormack, currently managing director of Bank of Ireland Mortgages, will take up the reigns as head of the Bank of Ireland subsidiary, B&W Mortgages, from January 1.
Wright has worked at Bank of Ireland and Bristol & West in a variety of different roles for 28 years. He will retire to focus on charity work and currently has no plans to re-emerge in the mortgage market.
He says: “I have been in discussion with the company for a little while about my retirement.
“The business is in excellent shape and is ready to meet the challenges of the growth trend we have seen over the last two years. I'm confident my successor, McCormack, will be able build on the successes of the business.”
McCormack has worked at Bank of Ireland for the last 10 years where he started off as a trainee salesman.
He says: “Wright and his team leave the business in very good shape. I'm excited and looking forward to starting, what with Bristol & West's strong brand, strong product range and good people.
“For any intermediary mortgage lender the key issues are going to be how the market shapes up post regulation. Bristol & West will continue to grow its market share by offering specialist products in the intermediary sector.”
The firm has also revealed that Deirdre McManus has been appointed head of sales at Bristol & West. McManus had been acting head of sales for the past three months after former head of sales Brian Everett quit the company to pursue career options believed to be outside the mortgage industry.
McManus is widely respected in the mortgage market and has a solid background, having worked for Bristol & West for the past 13 years. For the past five years McManus, known for her tough negotiating skills, has been regional sales manager for the central region which includes London – possibly the toughest patch in the UK.
She says: “My key challenges are to help ensure we reach the mortgage regulation deadline of October 31 and to achieve volume targets whilst protecting our profit margins.
“I will also be focussing on developing Bristol & West strategy as a specialised lender, firstly with the launch of equity release in April 2005.”