Bibby Financial Services (BFS) has announced that Simon Featherstone is to step down as global chief executive after four years in post.

He will leave the business on 5 August 2015 to pursue other career opportunities.

David Postings, BFS UK chief executive, will take over as Global CEO on an interim basis until a permanent appointment is made. He will continue in his role as UK CEO.

Sir Michael Bibby, managing director of Bibby Line Group, said: “Simon’s drive has enabled BFS to invest in new technology, new markets, and to consolidate its position at the forefront of asset based finance in the UK and many overseas territories.

“Simon has made a significant contribution to the Bibby Line Group and I should like to put on record my gratitude for his hard work and energy over the last four years.

“On behalf of the Bibby Line Group board, I would like to wish Simon all the best for the future.”

Featherstone added: “With the installation of a new operating system nearing completion, refinancing of the UK business in its final stages, growing global sales and a strong management team in place, I feel that now is a great time to move on to my next challenge.

“I have enjoyed every minute at BFS and the opportunity to lead a fantastic business with a great team and bright future has been a career highlight to date.

“I wish Michael and the team at BFS every success in the coming years.”