Phil Jones, managing director of Nemo Personal Finance has stepped down.
Jones, who established Nemo in 2005, will be replaced by Guy Thomas who will take upthe role of chief executive with immediate effect.
Thomas was previously group chief operating officer of the Principality Group and had also served as the group finance director. He has been a director of the Nemo business since it was set up.
Jones said: “It is with a mix of emotions that I have made the decision to step down. As a team we have worked hard since Nemo’s formation in 2005 to build an excellent reputation within our market, focussed on providing an innovative product range, competitive pricing and outstanding service levels.
“The past 9 years have been a fascinating experience, with an initial period of rapid growth before the Credit Crunch, followed by careful management of the business throughout the banking crisis and the demise of the second charge lending market.
“Nemo has emerged in excellent shape and continues to be widely recognised as a leading player in the UK. I have every confidence that the business is well-placed to deal with the next phase of transformation under the experienced and capable leadership of Guy.”
Thomas, added: “Nemo plays a key role in the Principality Group and having been part of a regulated structure since its inception, the business is well-placed to cope with the upcoming changes.
“Phil has been an integral part of our management team and as a colleague and friend I wish him continued success as he seeks new challenges.”