Equity release provider, Age Partnership Group, has appointed Steve Auckland as its new CEO.

Auckland (pictured) succeeds Tim Loy, who has been appointed Group CEO, a role that covers both Age Partnership and its sister company Pure Retirement, which provides both administration services on its £2.3bn equity release portfolio and originates lifetime mortgages.

In his new role, Auckland will be concentrating on the day-to-day running of the business, which employs more than 500 people.

Loy, who has led the company from start-up, will take a more strategic view of the group’s two companies, as well as expanding strategic collaborations and growing the number of funding partnerships.

Auckland, who has acted as a consultant a non-executive director of Age Partnership, was managing director of the Yorkshire Post in 2002, being part of the MBO team that delivered more than a 22-fold return for the original investors.

He then became managing director of Metro, part of the Daily Mail Group, helping it grow over an eight-year period. He then moved as CEO to Northcliffe Media, another business in the Daily Mail group portfolio, with over 400 newspaper and web titles, including The Hull Daily Mail, Leicester Mercury, Bristol Post and the Cornishman. He restructured the business through to its sale to Local World, a consortium of businesses from hedge funds to larger national publishers.

Following the sale, he was appointed CEO of ESI Media, owners of the Independent, i, London Live TV and London Evening Standard. He was instrumental in selling i, closing the loss-making Independent print operation, and making the Independent a digital-only product.

Auckland said: “Having been involved in a small capacity with the company over the last two years, I have been fortunate to witness the huge potential for further growth.

“This is a vital sector for the economy and as the UK’s number one equity release business, we are well placed to help customers release value from their homes & enrich their lives.”

Andrew Thirkill, chairman and founder of both Age Partnership and Pure Retirement, added: “Tim Loy has done an incredible job over the last 15 years. He has been responsible for growing the company from two people to more than 500, and creating a retirement-income market leader, with award-winning customer service, which is amazing.

“However, we both felt that as the business has grown rapidly, the day-to-day running was taking more of his time, precluding Tim from having a more strategic overview as the company plans the next phase of its development. The two group companies employ 700 members of staff at their Leeds head offices and have become an increasingly complex businesses.

“We are delighted, therefore, to have been able to appoint someone of Steve’s calibre to take over the role of CEO of Age Partnership, while Tim can use his unrivalled knowledge and strategic insight to continue to grow and develop both Age Partnership and Pure Retirement.”