Mike Whytock, director of Black Horse’s north region, is running the company until a replacement is found for John Woolley who has stepped down after less than two years as managing director, motor and leisure finance.

Woolley, 51 last November, took charge on March 1, 2006, as the latest phase of a long career with Black Horse. He declined to comment on the reasons for his departure, described as “by mutual agreement”. He begins gardening leave on February 1, and leaves at the end of March.

Black Horse, launched in 2000, is the consumer brand of the Lloyds TSB asset finance division, and part of the Lloyds TSB Group. Industry sources understand Lloyds TSB decided a new boss was needed to lead Black Horse at an important time.

Independent finance firms are fighting hard to win back showroom point-of-sale business from supermarkets and other internet lenders.

David Oldfield, managing director of Lloyds TSB asset finance division, said: “John leaves us with our respect and thanks for his many years of service and we wish him well for whatever fresh challenges he decides to take on.”

Oldfield hopes to appoint a successor before the end of February.