Knight will leave the lender after twenty years continuous service – eleven with the company he founded (Private Label) and nine with the company that bought it (GMAC-RFC).
Chris Nordeen, president of the GMAC-RFC International Business Group, said: “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. We thank him warmly, wish him well and look forward to maintaining his legacy.”
Commenting, Stephen Knight said: “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, but I have had a ball at GMAC-RFC, and I know the company will continue to go from strength to strength. In the meantime, I will be here until 30 September 2007 transitioning in the new CEO and, as ever, giving my all for the company.”
With immediate effect, Simon Knight (no relation to Stephen) is appointed chief executive officer of GMAC-RFC UK, reporting to Stephen Knight until 30 September 2007 and thereafter to Chris Nordeen. Simon has 17 years continuous service with the company having joined Private Label in 1990 and having transferred to GMAC-RFC with the Private Label acquisition in 1998. Between 2001 and 2005, Simon was based in the USA as chief marketing officer for GMAC-RFC worldwide. Since his return to the UK, he has held the main Board post of managing director, strategy & investments, responsible for GMAC-RFC UK’s strategy and all subsidiaries and non core businesses.
Commenting, Simon Knight said: “Having joined Stephen’s team 17 years ago I would like to add my thanks for his leadership and guidance. He will be hugely missed by everyone here and I am very happy that he will be around for the next few months as I transition into the CEO role. My job is to take the company through the next stage of its growth whilst maintaining our track record for innovation and superior service.”
Finally, Rob Daniell has been appointed non-executive chairman of GMAC-RFC UK with effect from 1 October 2007. Rob will assume this responsibility in addition to his role as managing director responsible for new country development and all M&A, reporting to Chris Nordeen. Rob has had a long and distinguished career in banking, including JP Morgan, Chase and ABN Amro, and is currently a non-executive director of GMAC-RFC UK.
