MICHAEL COOGAN TO STAND DOWN AS CML DIRECTOR GENERAL

Monday, 28 February 2011 12:00 AM

MICHAEL COOGAN TO STAND DOWN AS CML DIRECTOR GENERAL

Michael Coogan, director general of the Council of Mortgage Lenders, has announced that he will be stepping down from his role in August. Having successfully navigated the CML through the post-credit crunch period, and with the CML on a stable and successful course, he now wishes to seek a fresh professional challenge.

Michael Coogan has been director general of the CML since December 1996, when the organisation became independent from the Building Societies Association. He was previously head of the legal and policy department of the combined BSA and CML, having originally joined as a lawyer within the policy team in 1987 after previous roles with the Greater London Council, the Consumers Association, and as a barrister.

Commenting on his decision, Michael said:

"The CML is an exceptional trade body, and I am exceptionally proud to have led it through some exciting times. With the credit crunch behind us, a very capable executive team, a new Chairman with a supportive and committed board, and a strong long-term business plan in place, the time is now right for me to seek a fresh challenge, safe in the knowledge that the CML will continue to go from strength to strength over the coming years."

CML chairman Colin Walsh, managing director of Lloyds Banking Group Mortgages, said:

"We are sorry that Michael has decided to stand down as director general, but we wish him every success in his future plans. We are pleased that he will remain in post over the coming months while we undertake the process of appointing a successor to lead the CML and build on its many strengths and high reputation. On behalf of the UK's mortgage lenders, we thank Michael for what has been an outstanding contribution to the mortgage lending industry over many years, and especially over the turbulent period of the credit crunch and its aftermath. He will be leaving an organisation well placed for the future, thanks in no small part to his leadership of the strong CML team. A search for Michael's successor is now underway."

NOTES TO EDITORS

1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 94% of all residential mortgage lending in the UK. There are 11.4 million mortgages in the UK, with loans worth over £1.2 trillion.

2. Photographs of Michael Coogan can be downloaded from the photo library on the CML website; or contact the CML press office.

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