John Malone , managing director of Premier Mortgage Service, will stay on in his role for up to two years to help the mortgage club survive the market downturn.
He says: “I thought the situation would be pretty bad this year but I did not expect it to be this serious.
“If a new person was to come in now, it would not be fair on them.”
He adds: “Many pundits have drawn the comparison between myself and Sir Alex Ferguson and when he de-cides to retire, I doubt he’ll take an-other position at Manchester United.
“The club might invite him back in some sort of over-view role later but I think he will initially step aside and allow a new leader to manage in their own way.”
Steve Atkins was due to succeed Malone until he unexpectedly resigned as head of PMS in September 2007.
Other professionals linked with the role have included Linda Will, ex-managing director of Accord Mortgages.