FTAdviser.com

Advertising

An interim message circulated to senior members stated that Batchelor has resigned with immediate effect and that Bob Young, chief executive of CHL, will once again take over the position he held once before.

Batchelor was a member of IMLA because of his role as executive director, sales and marketing at Lehman Brothers' Mortgage Capital division.

Peter Williams, director of IMLA, told FTAdviser.com that the association was reticent to ask for Batchelor’s reasons for departing, given the current market turbulence.

He explained: “It will be ratified on Thursday when we meet. Bob has stepped in and taken his place. Bob was the director that stepped down last year and will fill the position until early October when we hold our elections.”

Williams said he was disappointed that Batchelor has had to resign and has been an excellent presence within the trade body.

He added: “We are very saddened that Guy has had to stand down but we are delighted that Bob Young has agreed to take over for the next few months.”