Q: This is your first new executive board appointment since IPO. Why now, and how does Ben fit into your plans for the business?
MAB has grown significantly since IPO, during which time we have made six key appointments to further strengthen the executive management team. These appointments reflect the ambition and very clear vision the board has for the business in what we believe will be a very new look intermediary sector in the future.
However the executive board of myself, David Preece, chief operating officer, and Lucy Tilly, chief financial officer, has remained unchanged and we all agree its time to add an MD to the Board, which has always been the plan when the time was right, and we had secured the high calibre of individual required who would be a valuable addition to the team.
Q; Why Ben, and how do you see the structure of the working relationship?
Ben has a great CV, and is a strategic thinker who looks years ahead and plans for the future by fully considering all likely challenges and opportunities.
At L&G, Ben ensured the L&G Mortgage Club led the market by constantly evolving and setting the bar higher year in year out, and at ULS as CEO he has set in place technology developments to radically transform the UK conveyancing market.
Under Ben’s stewardship, ULS has gone from strength to strength as a listed business, with the share price quadrupling, in fact, similar to MAB’ s performance over the same period.
Ben is highly regarded by both the lenders and intermediary community, with a reputation for integrity, passion and drive, and getting things done. The business and cultural fit is a great one, and I know my executive management team will see Ben as another great addition to an already incredibly strong team.
I am really looking forward to is teaming up with him to deliver our strategic objective for the next five years and beyond. We will make a great team, and I have no doubt that we will be pushing the boundaries of what can be achieved even further than we do now.
Q: I understand that you will be gifting some of your shares to Ben when he joins on 7 June. That’s a big statement of the faith you have in him and the value he can bring to MAB. Why have you decided to do this?
Ben has played an important role in the significant success ULS has achieved in recent years, and clearly as a CEO of a listed business he will be walking away from highly performing share options. Ben needs to be compensated for those lost options, which will be done by a combination of options granted to Ben when he joins and the gift of shares I am making. It’s absolutely the right decision for the business, and I have no doubt it will prove to be a very worthwhile investment over the years to come.