Mortgage Advice Bureau (MAB) has announced the retirement of David Preece as an executive director of the Group with effect from 1 July 2019, at which point he will become a non-executive director of the group.

Preece has also agreed to provide additional time over and above his non-executive director responsibilities in a consultancy capacity to MAB.

His retirement comes after a career spanning over 41 years in financial services, including the last 15 years as an executive director of MAB. He became part time two years ago, delegating some of his operational responsibilities to other members of MAB’s senior management team.

Preece has a 2.98% shareholding in MAB.

Peter Brodnicki, chief executive officer, said: “I would like to thank David very much for his long standing commitment to MAB, he has been an extraordinary COO, Board director, mentor, and friend.

“David has helped us navigate challenges with confidence and certainty, but as importantly to be pioneering, which is fundamental to MAB’s DNA.

“I am delighted that he will remain on the board as a non-executive director, and that we will continue to benefit from his wealth of experience and passion for the business.”

Katherine Innes Ker, MAB’s chair, added: “I have long valued David’s wise counsel, deep insights, judgement, and thoughtfulness, combined with his warm sense of humour. His commitment to MAB is evident, and I am delighted that he will remain on the Board as a non-executive director upon his retirement.”