David Hill, formally Portillion’s CFO, has been appointed CEO. Barry Searle remains as COO.
Senior management continue to be supported by the Board, led by Portillion Chairman, Gerald Gregory, investors have been informed.
Chairman Gerald Gregory said: “We wish Stephen the best, and would like to note his enormous contribution over the years, and thank him for all of his inspiration and hard work.”
“We are fortunate in having a strong and experienced management team here at Portillion. David Hill has accepted the role as CEO, and will be leading the management team into this next stage of our development.”
Knight admitted a month ago that Q1 2011 would be “make or break” for the lender adding the future of the company could be in jeopardy unless it found £110m of tier one funding by the end of Q1.
Checkmate Mortgages launched in 2007 and was rebranded Portillion in February 2010.
A company spokesperson confirmed the lender got a new source of funding in November last year and that the company continued its discussions with a number of potential investors.
“There is nothing new to add at this time,” she said.
