West.brom 6.15% Regulatory News (WBS)

10 Oct 2008 16:00



West Bromwich Building Society

Board Changes

The Board of West Bromwich Building Society announces that Stephen Karle, who has been with the Society for nearly 14 years and Chief Executive of the Society for the last two, has been discussing with the Board his intention to step down when a successor had been identified. The Board has now appointed Stephen's replacement and, therefore, has accepted his resignation with effect from today.

Stephen Karle has overseen a period of development at West Bromwich Building Society and has been instrumental in both guiding the Society through the turbulence of the last 12 months and repositioning it for the challenging environment expected over the medium term.

Brian Woods-Scawen, Chairman, comments:

"We are extremely grateful to Stephen for all that he has done for West Bromwich Building Society. He has made an important contribution to the success of our Society. He leaves behind a strong business where members' interests have been safeguarded. We wish him very well for the future as he seeks new challenges. He will be missed by all his colleagues."

Robert Sharpe has accepted an invitation to join the Board as Chief Executive with immediate effect. Robert has an extensive background in the financial services industry and was most recently Chief Executive of the Portman Building Society.

Brian Woods-Scawen adds:

"We are very fortunate to have secured the services of Robert Sharpe, who has an outstanding record in the financial services industry. The Board believes that under Robert's leadership, West Bromwich Building Society is in a strong position to weather the current turmoil in the financial markets."

10 October 2008

ENQUIRIES:

NOTE TO EDITORS

Robert Sharpe, aged 59, has more than 23 years' senior executive and board experience in the financial services arena. He was Operations Director of the Portman Building Society from 1994 to 1999 and Chief Executive from 1999 until 2007, when it merged with the Nationwide. During that time, he oversaw the successful growth of Portman from the UK's 13th largest society in 1994 to become the 3rd largest. Since leaving the Portman he has held a variety of non-executive directorships.