Coogan has been director general of the CML since December 1996, when the organisation became independent from the Building Societies Association.
He was previously head of the legal and policy department of the combined BSA and CML, having originally joined as a lawyer within the policy team in 1987 after previous roles with the Greater London Council, the Consumers Association, and as a barrister.
Coogan says: “The CML is an exceptional trade body, and I am exceptionally proud to have led it through some exciting times. With the credit crunch behind us, a very capable executive team, a new Chairman with a supportive and committed board, and a strong long-term business plan in place, the time is now right for me to seek a fresh challenge, safe in the knowledge that the CML will continue to go from strength to strength over the coming years.”
Colin Walsh, chairman of the CML and managing director of Lloyds Banking Group Mortgages, says: “We are sorry that Michael has decided to stand down as director general, but we wish him every success in his future plans. We are pleased that he will remain in post over the coming months while we undertake the process of appointing a successor to lead the CML and build on its many strengths and high reputation.
“On behalf of the UK’s mortgage lenders, we thank Michael for what has been an outstanding contribution to the mortgage lending industry over many years, and especially over the turbulent period of the credit crunch and its aftermath. He will be leaving an organisation well placed for the future, thanks in no small part to his leadership of the strong CML team. A search for Michael’s successor is now underway.”