Phil Jones, managing director of Nemo Personal Finance, has stepped down after nine years.
The loan provider says he will spend more time with his family before exploring new challenges.
Jones will be replaced by Guy Thomas, who has been chief operating officer (COO) of the Principality Group businesses, including Nemo, for the past 18 months.
Thomas joined the Principality Board in 2003 as group finance director. One year later, when Nemo was formed in 2005, he became a director of the business. He will also continue in his role as chairman of Principality’s subsidiary estate agency, Peter Alan.
Jones said: “It is with a mix of emotions that I have made the decision to step down. As a team we have worked hard since Nemo’s formation in 2005 to build an excellent reputation within our market, focussed on providing an innovative product range, competitive pricing and outstanding service levels.
“The past nine years have been a fascinating experience, with an initial period of rapid growth before the credit crunch, followed by careful management of the business throughout the banking crisis and the demise of most of the lenders in the second charge market. Nemo has emerged in excellent shape and continues to be widely recognised as a leading player in the UK.
“I have every confidence that the business is well-placed to deal with the next phase of transformation under the experienced and capable leadership of Guy.”
Thomas said: “Nemo plays a key role in the Principality Group and having been part of a regulated structure since its inception, the business is well-placed to cope with the upcoming changes.
“Phil has been an integral part of our management team and as a colleague and friend I wish him continued success as he seeks new challenges.”