Snowdon quits in bank reshuffle

Colin Snowdon says he quit as chief executive of residential mortgage lending at Aldermore because of the bank’s decision to integrate its two mortgage businesses.

Last week Aldermore revealed that both its commercial and residential mortgage businesses will report to Mark Stephens, deputy chief executive officer of Aldermore.

Charles Haresnape, former group mortgage service director at Connells Group, has been brought in as managing director of residential mortgages.

Snowdon says the new structure does not make the most of his skills.

He says: “It seems to me that the ongoing running of Aldermore’s residential mortgage business as a department inevitably fully integrated with the bank is something that doesn’t necessarily play to my strengths.

“Therefore I have amicably suggested to the bank and it has agreed that now is the time for me to move on and let someone else take on the day-to-day development of the mortgage division.”

Snowdon says he may look to pursue other opportunities, but they would have to be serious.

He was recruited by Aldermore in November 2009 to develop and launch the company’s intermediary business.John Malone, chairman of PMS, says he is disappointed that Snowdon will no longer be working at the lender. He says: “Snowdon has put a huge effort into the successful launch of a new lender at a difficult time in the market.

“He is respected in the industry and many of us look forward to working with him again.”