Mortgage Choice will get a new chief executive after Michael Russell announced he will be stepping down from the role next year.

Mr Russell will retire as CEO at the end of the financial year and after someone has been found to fill the role, Mortgage Choice chairman Peter Ritchie said on Wednesday.

He said Mr Russell had done an outstanding job, having led the company to growth and prosperity in the aftermath of the global financial crisis.

Mr Russell joined Mortgage Choice as CEO in 2009, developing two three-year plans to grow the company.

He will complete the second of those plans before he leaves next year.

“He came in here with a job to do and that was to introduce the financial planning side of the business and to take it into profitable territory,” Mortgage Choice spokeswoman Jessica Darnbrough said.

“He’s done that and he feels with that job done, it’s the right time to move on.”