The chief executive of Kensington has stepped down with immediate effect as the sub-prime mortgage lender issued a profit warning, says the Daily Telegraph .
John Maltby is leaving after a review of the group's operations looks set to result in the company focusing more on the sub-prime mortgage market in the UK and Ireland. The company said: "In light of this preliminary conclusion, John Maltby has decided that he will step down as group chief executive to pursue other career opportunities." He has been replaced by Alison Hutchinson, the head of the company's mortgage business. With increasing competition, Kensington is considering increasing sales of the portfolios of its mortgage assets which would improve the company's balance sheet,...
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