Derbyshire directors to lose jobs post-merger

None of the directors at the Derbyshire will keep their posts beyond 2010 as a result of the merger with Nationwide.

In a document released by the mutual on Saturday and seen by Mortgage Strategy Derbyshire reveals chief executive Graham Picken will initially be kept on at Nationwide after December 1 when the merger is expected to take place.

But it stipulates that Picken will not continue at Nationwide past August 31 2009.

Graham Ashurst, group secretary and head of legal services at Darbyshire, will occupy the role of senior controller and legal – Derbyshire, until his retirement on July 29 2010.

Finance director Tom Wood will work at Nationwide for three months following the agreement of the merger by Financial Services Authority and the Office of Fair Trading.

Specialist lending director Brian Carney and retail director Andrew Thorpe will be made redundant once the merger sets in as will Susan Reilly, non-executive director of the Derbyshire and chairman of the its Member Council.

For more details of the merger fallout see next week’s issue of Mortgage Strategy.