Knight will be stepping down on 30 September 2007 after 20 years continuous service – eleven with the company he founded – Private Label – and nine with the company that bought it – GMAC-RFC.

Knight said: “I have about 15 years left of being continent and reasonably compus mentis, and I would like a change. I don’t yet know what I’ll be doing, but I have had a ball at GMAC-RFC, and I know the company will continue to go from strength to strength. In the meantime, I will be here until 30 September 2007 transitioning in the new CEO and, as ever, giving my all for the company.”

With immediate effect, Simon Knight (no relation to Stephen) is appointed chief executive officer of GMAC-RFC UK, reporting to Stephen Knight until 30 September 2007 and thereafter to Chris Nordeen. Simon has seventeen years continuous service with the company having joined Private Label in 1990 and having transferred to GMAC-RFC with the Private Label acquisition in 1998.

The lender has also appointed Rob Daniell non-executive chairman of GMAC-RFC UK with effect from 1 October 2007. Daniell will assume this responsibility in addition to his role as managing director responsible for new country development and all mergers and acquisitions, reporting to Chris Nordeen.