His decision to leave follows Hodge Lifetime’s plans to restructure its equity release business and reduce its lending for new equity release plans going forward.
King joined Hodge Lifetime in 2000 and was appointed managing director in July 2003.
David Austin, managing director of Julian Hodge Bank, says King has been instrumental in the success of Hodge Lifetime over the past ten years.
He says: “He was at the forefront of the organisation’s rebrand from Hodge Equity Release in November 2008 and has been largely responsible for making it a major player in the equity release industry. He has also led the launch of our new pension annuity business. On behalf of everyone at the bank I would like to wish him every success for the future.”
King says: “I have greatly enjoyed my ten years with Hodge Lifetime and all that we have achieved at the company. During my time with the group, I have strived to ensure that Hodge Lifetime offers innovative equity release plans which older homeowners really want and need. With the restructuring of the business, I believe the time is right for me to move on to pursue new opportunities elsewhere.”
The restructure of Hodge Lifetime allows the organisation to focus on its growing pension annuity business. Hodge Lifetime will continue to write new equity release business but at reduced levels and will also write top ups and honour drawdown facilities for existing equity release customers.