David Anthony will also be standing down as a director of the company after five years at Private & Commercial Finance Group.
The news comes after Private & Commercial was granted a banking licence as it looks to start accepting deposits in summer 2017.
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During his time with the asset finance lender, Mr Anthony oversaw the year-on-year strengthening of its balance sheet and growth in profitability.
Private & Commercial paid tribute to the impact made by Mr Anthony as it revealed that Tim Franklin – who was previously COO at Co-operative Bank – would be taking over as chairman of the board.
“I would like to personally thank David for his immensely valuable contribution over many years,” said Scott Maybury, CEO of Private & Commercial.
“I am extremely grateful for his support in guiding the group to the successful business we see today and I look forward to working with Tim as we embark on the next stage of the group's strategy."
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