In a statement to the Irish Stock Exchange CHL parent company Permanent TSB said four additional members of the executive team will also be stepping down from their roles.
Mortgage Introducer understands those who left alongside Young are head of operations Keith Murrell, head of risk Jannie Vermeule, IT and administration director Mike Lane and finance director Sunny Lon. All of whom are rumoured to be involved with Young in setting up the potential new lender.
CHL withdrew from new lending in March 2008 and Young and his management team have been involved in managing the 40,000 live mortgage accounts which were left on the lenders books.
And back in October rumours circulated that the fleet-based lender could be looking to return to the lending market however such a move has not materialised.
Young has been with CHL since 2000 and has been managing director since 2004. He will be succeeded in the role by current CHL risk and credit director Gerry Hickey who will become managing director designate until his role receives regulatory approval.
Young was unavailable to comment on the rumours of his involvement with a new lender.