Jon King has stepped down as managing director of More 2 Life after three years heading up the equity release provider.
King left the company last week.
More 2 Life was set up by Key Retirement Solutions in 2010 with King joining from rival equity release lender Hodge Lifetime
A source close to the firm told Money Marketing sister publication Mortgage Strategy his decision was in part motivated by the sale in June this year of a majority stake in parent group Key Retirement Solutions to private equity firm Phoenix Equity Partners.
It is understood with Phoenix taking over, King had to decide whether he wanted to commit to another five years, but instead decided to leave.
There is no immediate replacement for King and KRS chief executive Colin Taylor will take over the day-to-day running of More to Life.
King says: “More 2 Life is firmly established as one of the biggest equity release lenders and now is the right time for me to move on.
Taylor says: “Jon has been invaluable in building More 2 Life into a major lender in the equity release market and leaves with our best wishes.”
Age Partnership equity release technical manager Simon Chalk says: “Jon was there at the beginning and helped to build a really strong brand at More 2 Life which quickly captured about 10 per cent market share. Jon is a stalwart of the industry and I just hope he remains within the equity release market because we need people like him.”