MAB said the new “strategic role” will be “focused on growing the group in new ways”.
Thompson joined MAB as deputy CEO in 2018, and before that, he was the CEO of ULS Technology for almost four years.
Prior to that, he was the managing director of Legal & General (L&G) Mortgage Club for around seven years and has also worked as the head of mortgages and protection at Paymentshield and director of sales and marketing at Clear Cut Mortgages.
Thompson was also the head of mortgages and banking at St. James’s Place Wealth Management and head of mortgages at Winterthur Life.
Peter Brodnicki, MAB’s CEO, said: “This is a personal decision for Ben. Most people won’t be aware that he is a carer in his personal life, and for the foreseeable future needs time to give this more attention. I know he is full of energy and is excited about his new role, but also know it’s important for him that he has space to focus on his caring role, more so than he is able to at the moment.
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“Who knows what the future holds, but for now this is right for him. It’s also great for MAB that not only is he sticking around, but he takes on a role that is exciting and one that he and I know will bring great new value to our many important stakeholders.
“The new role will see Ben and MAB more deeply and closely focused on making more from our mortgage opportunity.”
He continued: “As a group, our partner firms handle around £30bn of mortgage lending, but we are well aware firstly we can do more from the opportunities we already have, and secondly, there are other more strategic decisions we can make that result in even better outcomes for customers and our partner firms, that also bring incremental value to MAB. In addition, he will also be focusing on how we create the best possible home moving and mortgage experience for our ARs and their customers, an area we have always been interested in and wanted to solve.”
MAB brings on Luengo as COO
MAB has also appointed Yaiza Luengo as chief operating officer (COO) and member of the executive committee from 8 September.
She will join the board when Thompson steps down at the end of the year, subject to necessary approvals.
Luengo was most recently the co-founder and COO of Clinsj Mortgage Platform for around three years and is also the founder and CEO of People Risk Consultants, which was launched in 2014.
She has also held senior roles at RBS, Barclays, HSBC, Refinitiv (now part of LSEG), and WiZink Bank.
MAB said Luengo has a “strong track record in driving large-scale transformation, revenue leadership and operational restructuring in regulated environments”.
It added that she has also led technology-enabled change across cloud and data architecture, artificial intelligence (AI), digital customer experience and enterprise platforms.
MAB adds two independent non-executive directors
MAB has also brought on a duo of independent non-executive directors, Mandy Donald and Dr Orlando Machado, subject to necessary approvals.
Donald will chair the audit committee and serve on the remuneration, nomination and group risk committees, while Machado will serve on the remuneration, audit, nomination and group risk committees.
Donald is currently a non-executive director and chair of the audit and risk committee for Liontrust Asset Management, and a non-executive director for Begbies Traynor Group, JP Mortgage US Smaller Companies Investment Trust, Gowling WLG and Punter Southall Group.
Machado is currently a non-executive director and member of the technology committee for Cambridge University Press and also acts as a senior adviser for Electrify Video Partners. He was formerly the chief data officer for Lego Group.
In other changes to non-executive director roles, Rachel Haworth will become senior independent non-executive director, in addition to her current role as chair of the remuneration committee.
Nathan Imlach, previously senior independent non-executive director and chair of the audit committee, will step down as a member of the audit, remuneration, nomination and group risk committees and remain on the board as a non-independent non-executive director.
Mike Jones, non-executive chair of MAB, said: “These board changes are a natural evolution of MAB. The appointment of Yaiza as COO, a newly created role, is central to delivering on the ambitions outlined by our executive team at our Capital Markets Day earlier this year. Yaiza’s considerable operational experience, and technology background will provide important leadership as we deliver on our medium-term growth targets. We look forward to welcoming her to the board at the end of the year.
“Since joining the group in 2018, Ben has been a key member of the team that has delivered significant revenue and market share growth at MAB, and although he has chosen to step down from the board due to personal circumstances, I am delighted that his major contribution to the business will continue in his new strategic role.
“I am also very pleased to welcome Mandy and Orlando to the board. Mandy combines deep financial services expertise and significant board experience in scaling businesses. Orlando brings data science and AI expertise at board level, both of which are at the forefront of MAB’s strategic decision-making. These appointments will benefit the board and wider organisation greatly.
“Finally, I would like to thank Nathan for his enormous contribution to the board as senior independent director since our IPO in 2014. His depth of experience and strategic insight remain a valuable asset to the board, and we look forward to his continued involvement and guidance. Rachel has made a valuable contribution to the board since joining in May last year, and we are pleased to welcome her to her new role as senior independent non-executive director.”
