Whoops, there goes another deputy chairman
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First to go was Neville Richardson, erstwhile chief executive of Britannia Building Society, who stepped down before he could take office because of merger talks with Co-operative Financial Services.
The merger went through and Richardson is now boss of the enlarged CFS while the BSA had the good fortune to have Graham Beale, chief executive of Nationwide, step in as chairman.
More of a sign of the times is the loss of likeable Richard Hornbrook as deputy chairman. He was scheduled to take office next May but alas this is not to be because he resigned as chief executive of Chelsea Building Society in August, just a week after former Nationwide executive director Stuart Bernau took over the stewardship of the society.
Bernau is acting as chairman and chief executive while the society seeks a new chief but the BSA says he won't be stepping into Hornbrook's shoes as deputy chairman of the BSA Council.
Indeed, Chatroom has been told that the council will elect a new deputy chairman in due course and either co-opt a new member or leave the vacancy open until the next annual general meeting in May 2010.
Earlier this year Chelsea posted losses of £39.3m - the largest ever reported by a society. The problem was that it had to write off £44m of Icelandic investments and a further £15.4m of losses incurred at specialist subsidiary BCS Loans and Mortgages.
Source:
Lending Strategy
