CEO in surprise step down after managing substantial period of growth
In a surprising turn of events, Steve Seal, the long-serving Chief Executive Officer of Bluestone Mortgages, has reportedly left the company after a notable seven-year tenure.
Seal (pictured), who joined Bluestone in 2017 as sales and marketing director, quickly ascended to the role of CEO in 2019, steering the company through significant milestones and changes.
Under Seal's leadership, Bluestone Mortgages reached a major milestone in 2023, surpassing £2 billion in lending and assisting over 20,000 customers.
This achievement was a testament to Seal’s strategic vision and dedication to expanding the lender's reach within the UK mortgage market. His tenure also saw Bluestone diversify its product offerings, including its strategic exit from the buy-to-let market and becoming the first specialist lender to join the Deposit Unlock scheme.
One of the most significant developments during Seal’s leadership was the acquisition of Bluestone Mortgages by Shawbrook Bank in June 2023. At the time, the acquisition was seen as a move that would bolster Bluestone's financial position, providing the firm with the resources needed to fuel its growth ambitions further.
Before his time at Bluestone, Seal held several key roles in the financial services sector, including head of sales at One Savings Bank and national account manager at Virgin Money. His extensive experience in sales and management within the mortgage industry helped shape his successful tenure at Bluestone Mortgages.
In addition to his executive roles, Seal has been actively involved in industry organisations. He served as a co-opted director for the Intermediary Mortgage Lenders Association (IMLA) in 2022 and currently chairs the Specialist Mortgage Lenders Forum for UK Finance. Seal is also a member of the board of trustees for the LGBT+ military charity Fighting With Pride.
Bluestone Mortgages, which was originally part of the Australian-founded Bluestone Group, shifted its focus to the UK and Ireland markets in 2018, making these regions the core of its business operations. The company's UK division, under Seal's guidance, marked significant growth, including crossing the £1 billion lending milestone in 2021, just two years after Seal took on the CEO role.
As of now, Bluestone Mortgages has not officially commented on Seal's departure, and no successor has been announced. The impact of his departure on the company’s future strategy remains to be seen, but his contributions to Bluestone’s growth and development over the past seven years are undeniable.
