Thompson will start the new role on 7 June after a period of gardening leave.
Stephen Goodall, ULS Technology managing director, has been appointed its new chief executive officer to replace Thompson and has joined the Board of Directors with immediate effect.
In compensation for forfeited options at ULS, Thompson will receive a combination of options granted when he joins and gifted MAB shares.
Peter Brodnicki will make a gift of 113,000 ordinary shares in the Group to Ben Thompson for nil consideration, worth £689,300 at time of writing. On the same date, MAB will grant to Ben Thompson 370,000 nominal cost options over ordinary shares of 0.1 pence under the Mortgage Advice Bureau executive share option plan.
Thompson will steer the group in partnership with Group CEO Peter Brodnicki who confirmed he will maintain a long-term commitment to MAB.
Thompson will also join the MAB Board alongside Brodnicki, chief finance officer, Lucy Tilley and chief operating officer David Preece adding considerable ‘experience and perspective,’ said Brodnicki.
Brodnicki, said: “Ben is highly regarded by both the lenders and the intermediary community, with a reputation for integrity, passion and drive, and getting things done. The business and cultural fit is a great one, and I know my executive management team will see Ben as another great addition to an already incredibly strong team.
“I am really looking forward to is teaming up with him to deliver our strategic objective for the next five years and beyond. We will make a great team, and I have no doubt that we will be pushing the boundaries of what can be achieved even further than we do now.”
Thompson was appointed CEO of ULS three and a half years ago and previously rose to managing director at Legal and General Mortgage Club, where he trebled its mortgage market share through the post-credit crunch downturn.
Prior to that, Thompson was head of mortgages and protection at Paymentshield, sales and marketing director at Clear Cut Mortgages and head of mortgages and banking at St. James’ Place Wealth Management for four years.
Thompson said: “I’m very pleased to be returning to the mortgage market at what is in my view a really interesting and exciting time. I am especially pleased to join MAB, a very strong business that is leading the way in its market, and is optimally positioned to achieve new heights. I will thoroughly enjoy taking up this new role and contributing directly to MAB’s future and its continued success.
“ULS Technology has also strengthened considerably since listing in 2014. ULS is building some highly innovative new technology that will really catalyse change in the markets it operates in, directly benefiting its business partners and customers,” he added.
Aim-listed ULS Technology is a self-styled ‘disruptive’ legal, financial and property technology business with revenue of over £20m a year.
Strategic executive appointments
Other key MAB appointments in the last 12 months include ex-Legal and General director of housing strategy Stephen Smith who became a non executive director (NED) in January this year.
In May last year, the advice firm also strengthened its team at director level with the double appointments of two of network Intrinsic’s top mortgage and protection executives, Emma Hollingworth and Andy Walton.
Hollingworth left her sales director, mortgage network role to become mortgage proposition director at MAB and protection sales director Andy Walton left to become protection proposition director.
Goodall joined the company as MD in May 2017 and has been responsible for the day to day management of the company’s products and services.
Prior to joining ULS, Goodall worked for Legal & General Surveying Services for over 15 years, most recently holding the post of managing director.
He transformed LGSS from a modest surveying business into the number one, property risk and valuation distribution business, which in 2016 handled over 500,000 valuation instructions and generated revenue of approximately £80m.
Geoff Wicks, independent non-executive chairman of ULS Technology, said: “We would like to thank Ben for what he has achieved at ULS and wish him every success in the future. We are pleased to appoint Steve as CEO; he has been running our core business with considerable success and has a wealth of experience in our market.”