Brian Pitt and Mark Abbott launched Future mortgages in 1996, which was bought out by financial services giant Citigroup two years later.
The official statement confirms Pitt’s resignation and gardening leave for the immediate future.
“Discussions between both parties have been extremely amicable,” said the statement.
“Future Mortgages will continue to serve the intermediary mortgage market, and our intermediary customers will recognise that it is very much business as usual.
No appointment has been made for the post of director, sales & marketing at this time.”
The fact that no external appointments appear to be in the frame is fuelling expectations that, marketing manager, Richard Hurst, who is still in position at the Reading offices could be next in line for promotion. Hurst refused to comment on that, but said: “On a personal note, everyone is sad to see Brian go. He always knew what he was talking about and always told it straight.”
Discussions in mortgage circles have tended to centre on the fact Citigroup, one of the world’s top ten lenders, may have found Pitt’s no-nonsense style less endearing.
Another industry spokesman said: “This does open up a world of possibilities for Future and Citigroup. The fact is that with the two entrepreneurs gone, the road is clear for Future to become a much bigger, much more integrated industry player.”