Jon King has stepped down as managing director of More 2 Life after three years heading up the equity release provider.
He will leave the firm on 13 September.
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.
Mortgage Strategy understands with Phoenix taking over, King had to decide whether he wanted to commit to another five years, but instead he 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. I have enjoyed helping deliver the success we have had as part of Key Group and I am confident that will continue.”
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 as we continue to build KRS into the trusted brand for the over 55s.”