27 May 2010 08:48
Press Release - 27th May 2010
Leeds Building Society Announces Chief Executive Succession Plan
Leeds Building Society has today announced that Ian Ward will be retiring from his position as Chief Executive at the end of this year, but will remain a director during the first quarter of next year until the Society's 2011 AGM. Ian has held the Chief Executive role for almost 15 years.
Ian will be succeeded by the Society's current Finance Director and Deputy Chief Executive, David Pickersgill1. David has worked for the Society since 1987 and has been a main Board director since 1995. He is a Chartered Accountant and his previous roles include a period with Coopers and Lybrand (now PwC).
Robin Smith, Chairman of Leeds Building Society, said "Ian has been highly successful in leading the Society since 1995. During these 15 years, we have almost quadrupled in size, achieved profitability each year with the cumulative pre-tax profit total being £481m during this period, our capital and reserves have grown from £161m to £543m and we are now the UK's fifth largest building society. Even since the global economic problems started in 2007, we have achieved good levels of profitability with our strong credit ratings from Moody's and Fitch being maintained. The Board agreed the succession strategy in October last year and we are announcing it now as we are commencing the selection process for a new Finance Director who we expect to join the Board by the end of the year."
Robin Smith, commenting on the appointment of David Pickersgill, said "We are extremely fortunate to have such a high calibre Finance Director and Deputy Chief Executive in David Pickersgill and it was the unanimous decision of the Board to appoint him as Chief Executive. David will be highly effective in his new role."
Ian Ward said "It has been an enormous privilege and pleasure being Chief Executive of Leeds Building Society. I have been very fortunate to have had a first class team of executive and non-executive directors combined with extremely committed and supportive staff. I am personally delighted that David Pickersgill will be succeeding me as Chief Executive. David has worked closely with me as Finance Director during the whole of my time at the Society and I cannot speak too highly of his enormous skills, experience and commitment. I am very confident that it will be a seamless transition when David takes over at the end of the year, particularly as Peter Hill and Kim Rebecchi will be continuing their very important executive director roles and Robin Smith will be remaining as Chairman."
David Pickersgill said "During Ian's fifteen years as Chief Executive he has led a programme of continuous change and improvement which has transformed the Society's performance. It has been a privilege to work closely with him and to build a strong and talented management team. I am delighted to be able to continue implementing the strategies which have been so successful for the Society. Looking forward, I am confident that the Society's strong and sustainable business model places it in a very good position to grow, prosper and remain a successful independent building society."
On a personal note, Ian added "I had originally intended to retire at 60 but, in 2008, the global economic crisis was so severe that, in agreement with the Board, I postponed my decision until market conditions improved. I shall miss the challenge and excitement of my current role but, having worked full-time in financial services for almost 45 years, I am looking forward to a little more free time. There are many things I want to do and places I wish to visit."
Footnote
1. Subject to FSA Regulatory approval