He will leave GMAC on 30 September following 11 years with Private Label, the company he founded, and nine years with GMAC-RFC, which bought out Private Label.
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Stephen Knight’s role will now be split between Simon Knight (no relation to Stephen), who takes on the role of chief executive officer with immediate effect, and Rob Daniell, who will follow as a non-executive chairman in October.
Stephen Knight said: “I will likely stay in mortgages, because it is the only market I know, but I’m not ruling anything out. However, I’m not going to be anyone’s employee again. I may invest in several companies, but for the first time in my life I don’t know where I’m going and it’s a completely new feeling. I don’t know if I will take time off, as when the right opportunity comes along, it’s right. My first priority is to support Simon.”
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Simon Knight said: “The company will be different, as I have a different style, but we know what we want to achieve and our course is determined. Adjustments will be made, but it’s too early to say what developments there may be.”
Thomas Reeh, chief executive of blackandwhite.co.uk, said: “It will be interesting to see what happens particularly as the market is getting so much more competitive.”
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