Rice will remain on the board of directors as a non-executive director to help support Gen H’s mission of helping more people access homeownership.
McClelland has worked at Gen H for around four years, joining as chief commercial officer in 2021 and then taking on the roles of CFO and deputy CEO in 2023.
Prior to joining the firm, he was the managing director for global capital markets at Morgan Stanley for around two years.
Before that, McClelland was managing director for the financing group at Goldman Sachs for around nine years.
McClelland said: “I am delighted to have been given this opportunity to lead the business as Will moves to a non-executive role. Will has done a fabulous job to build Gen H from scratch into the leading innovator in the UK mortgage market. It is an honour to take on the challenge of delivering this next phase of growth, supported by a tremendous team of colleagues, and a series of committed partners across the mortgage sector.
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“Gen H has established an enviable track record for innovating for the benefit of customers, intermediaries and its funding partners. We will continue to originate high-quality mortgage assets in vital areas of the market that are not well-served by the mainstream lenders. I look forward to continuing to fulfil this purpose and to working with Will in his new capacity as a non-executive director.”
Rice added: “I have found the six years that I have spent building Gen H to be a hugely challenging and rewarding experience. My co-founder Sophia and I embarked upon this project because we believed that there was room for lenders to do so much more to support the ambitions of people struggling to find their place on the property ladder. I am proud to have built a business that has stayed true to this founding ethos and is driving true innovation in the mortgage market.
“I am extremely fortunate to have worked with wonderful colleagues who bought into our vision and who have helped us to build a truly customer-obsessed culture. I have great confidence in handing the reins to Graham, who has been an integral member of our leadership team for the past four years. The company has an exciting future under his leadership, and I will remain involved to support him and the team as they drive the business forwards.”
Gen H was launched in 2019 and offers income booster, deposit booster and New Build Boost deals.
The firm transitioned to become an intermediary-only lender last year and has secured funding agreements with SilverRock and Perenna.
