The issue of recruitment has obviously been at the forefront of many people’s minds as the market has begun to contract and consolidate. As a result, there are some power players meandering around the market, perhaps watching a lot of daytime television, playing golf or updating their CVs.
Let’s take a look at who is available. Alison Hutchinson, chief executive of Kensington, announced her resignation last week, although she will still be at the lender for another two months before taking some “time out”. Those of you who know Hutchinson will laugh at the latter comment – Hutchinson’s idea of relaxation is to do a 10km run while simultaneously sewing costumes for her children’s school pageant and negotiating a solution for the Gaza Strip.
Linda Will, managing director of Accord Mortgages, who left the Yorkshire Building Society subsidiary last year, has presumably not had much time to flick the channels to find Trisha, being routinely linked with a key role at Premier Mortgage Service. Bill Dudgeon is no longer at DB Mortgages and it appears that Thomas Reeh, chief executive of beleaguered firm Black & White Group, has tendered his resignation. I haven’t even bothered to include the high-profile resignations in the US, following the effects of the credit crisis before the Christmas break.
Last year, there was a glut of former business development managers (BDMs) in the market, as lenders started to slim down their contact with intermediaries and controlled volumes with as much suppression as Fabio Capello barring the gates to the football WAGs. However, many of these BDMs had easily transferable skills that would suit other roles in similar businesses.
But how easy is it for a chief executive of a lender to find a new role while the market is going through a state of flux? Is the solution to go into a completely different financial services sector – would Hutchinson have found the same satisfaction working within Investec’s asset management division, for example? Some of the figures mentioned have been lauded as star players in the market. Whatever route they take, we will follow their progress with much interest. n
