Carter (pictured) will be replaced by Simon Hayton, who will become managing director, while Carter takes on the position of chair, remaining with the lender in a consultancy capacity.
He will also become non-executive director of Sovereign Life Group, a merger of Pure Retirement, Age Partnership and Advise Wise, which will take effect from April.
Carter has worked with Pure Retirement since its inception, when he was approached by Andrew Thirkill, founder and chair of Age Partnership, to create the lender.
Thirkill will transition from his role as Pure Retirement’s chair to become the lender’s senior non-executive director.
Carter started his career in financial services around 43 years ago as an insurance agent for Prudential. He has worked in both distribution and lender roles, and helped shape later life propositions for a number of firms, including the creation of Aviva Equity Release.
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Speaking to Mortgage Solutions as the recipient of its British Later Life Lending Awards’ Lifetime Achievement award, Carter described Hayton has his “right-hand man” and said the handover process would be “seamless”.
Hayton has worked with Pure Retirement for 12 years, joining as operations manager in 2014 before advancing to chief operating officer. His previous experience includes operations positions at Magic Loans, More2life and 1st Stop Options.
Carter said: “I live and breathe this sector. I’m passionate about what it does, and I hope to stay engaged in it and continue to help develop it for years to come.
“It’s an end of an era in many respects, and the start of something new in other respects, but I’ll still be here. I’ll still be championing the sector, wherever possible.”
Thirkill added: “These changes reflect a planned evolution of our governance as Pure continues to scale and remain a renowned lifetime mortgage specialist in a sector that is meeting a real societal need for Britain’s over-55s and their families. I’m delighted that Paul will take on the chair role and that Simon will lead the business day to day as managing director, and I will remain closely involved in a senior non-executive capacity, supporting the board and leadership team.
“This ensures a continued broad and knowledgeable oversight at the forefront of Pure Retirement as we remain committed to delivering strong outcomes for customers and advisers.”
