Kensington Mortgages chief executive Alison Hutchinson is to step down in March and is unlikely to be replaced.
The announcement has fuelled speculation that parent Investec has still not decided on the pioneering non-conforming lender’s future direction.
Staff at Kensington will report directly to Investec capital market division head of principal finance Andy Clapham, following the integration of the lender within Investec’s capital market division.
Hutchinson is the second chief executive Kensington has lost in a year. Former chief John Maltby left last March after Kensington issued a profit warning.
In November, Kensington said it would be withdrawing from the sub-prime market to concentrate on the prime market as a result of the liquidity crunch and cut 20 per cent of staff.
A Kensington spokesman says it is not looking to make an external appointment to replace Hutchinson but insists Investec will maintain the Kensington brand. He says: “One of the reasons behind Investec buying Kensington was for its brand. The integration means we can start to take advantage of both firms’ strengths.”