Knight is set to follow Knight at the UK's 10th-largest lender GMAC-RFC where executive chairman Stephen is set to be replaced by chief executive officer Simon.
Stephen Knight will relinquish his role on September 30. He founded Private Label 20 years ago and stayed on with GMAC-RFC for nine years after they bought the firm.
He says: “I have about 15 years left of being continent and reasonably compus mentis, and I would like a change. I don’t yet know what I’ll be doing.”
He will hand over the reins to Simon Knight, no relation to his old boss, who joined Private Label in 1990.
Simon transferred to GMAC-RFC along with Stephen in 1998. In 2001 he switched Stateside to become chief marketing officer for GMAC-RFC worldwide. He returned from the USA in 2005.
Since then, he has been managing director, strategy & investments, responsible for GMAC-RFC UK’s strategy and all subsidiaries and non core businesses. He will report to Stephen until the end of September and then to GMAC-RFC international business group president Chris Nordeen.
Nordeen says: “We are very sorry to lose Stephen, who has done an outstanding job growing the UK company much faster than the market and delivering some major innovations on the way to becoming our most profitable international business.”
Simon Knight adds: “My job now is to take the company through the next stage of its growth while maintaining our track record for innovation and superior service”.
Meanwhile, Rob Daniell has been appointed non-executive chairman of GMAC-RFC UK with effect from October 1 2007. This will be in addition to his role as managing director responsible for new country development and all M&A, reporting to Chris Nordeen.
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