Leeds Building Society has announced in its half yearly results that chief executive Peter Hill (pictured) will retire in February 2019.
He will hand over the role to current chief commercial officer Richard Fearon, who has become deputy chief executive with immediate effect.
Leeds Building Society chairman Robin Ashton says: “Peter has provided outstanding vision and leadership over the past seven years, during which time the society’s total assets and profits have more than doubled.
“I would like to thank Peter for his huge contribution to our success and wish him well for the next stage in his life.”
On Fearon’s promotion, he says: “He was recruited with succession in mind and has proved to be an extremely able executive director.
“I know Richard will lead the business and our colleagues to future success, particularly as we continue to develop a Society capable of thriving in the digital age.”
Hill comments: “It has been a great privilege to be the custodian of the Society as only the seventh chief executive in over 140 years.
“I’m delighted Richard was chosen by the Board as my successor – he has really demonstrated his value to the society since joining the executive team and has the experience and capability to lead the business through the next stage of its development.”
The building society reported that in the first six months of the year it lent new residential mortgages to the tune of £1.8bn (as compared to £2.1bn in the first half of 2017), which consisted of over 20,000 transactions, 5,800 of these being first-time buyers.
Profits stood at £54m after tax.