West.brom 6.15% Regulatory News (WBS)

28 Oct 2009 16:36

CHANGES TO THE BOARD OF THE WEST BROM 

Following its Board meeting today (Wednesday 28th October 2009) the West Bromwich Building Society is delighted to announce the appointment of Richard Sommers to the Board of the Society as a new non-executive director with immediate effect. 

Richard, aged 53, who is presently Treasurer of Lady Margaret Hall, a college in the University of Oxford, where he has responsibility for all non-academic activities, has an impressive record within the financial services sector. In particular, Richard played a leading role in the success of several credit card, retail and commercial banking organisations in the UK and overseas, notably with the Barclays Group.

Prior to his present position, Richard was Chief Financial Officer with Barclaycard US, where he oversaw the financial management of the company and confirmed his reputation for innovative leadership in achieving challenging growth targets.

Richard was also highly respected for his financial management previously of a number of Barclays divisions in the UK, including Finance Director of Barclaycard UK. During his time there Richard also held a key position as Risk Director of Retail Financial Services with responsibility for the governance and overview of all types of risk.

An Associate of the Chartered Institute of Bankers and graduate of the University of Oxford, Richard is seen as an excellent addition to the Board of the West Brom. As the Society's Chairman, Dr Brian Woods-Scawen, said: "Richard has immense experience and expertise from nearly three decades in the financial services sector and has consistently demonstrated the ability to take responsibility and lead at a strategic level. Such qualities will make him a valuable member of the Board."

This appointment represents a further strengthening of the Board, following on from the recent addition of Martin Ritchley, a highly regarded and admired figure within the building society sector.

The Society has also announced today that both John Bywater and Mark Stansfeld are leaving the West Brom's Board.

John joined the Board of the West Bromwich Building Society in 2006 bringing with him extensive expertise in the commercial property arena. As the Society is no longer involved in commercial activities, John has decided to stand down from his non-executive role at the end of December 2009. 

Mark, who joined the West Brom's Board in 2007, has also decided to leave the Board with immediate effect. 

Dr Brian Woods-Scawen, said: "I would like to thank both John and Mark for their commitment and valuable contribution that each of them has made to the Society and the Board during a period of considerable uncertainty for the sector. They have helped steer the Society through difficult times and they leave us at a time when the Society can look ahead with renewed confidence for the future."

END

For further information, please contact:

Brian Seymour-Smith, Senior Public Relations Manager, West Bromwich Building Society

Tel: 0870 220 7785 or mobile 07970 130218

or 

Tony Friend or Gareth David

College Hill Associates

Tel: 020 7457 2020