Skipton Building Society said on Monday that after almost 30 years with the business, 13 of them as group chief executive, David Cutter and the board have agreed that he will step down from his role with effect from the Society’s AGM in April 2022.
“This follows a period of considerable progress for the Society, with an expected strong financial performance in 2021, a year which was also marked by the successful acquisition of Countrywide plc by Connells Ltd, creating the UK’s largest estate agency network,” said Skipton.
“The board is, therefore, initiating a process to appoint a high calibre successor with the requisite blend of experience and expertise to lead the Society into the future as it builds on its strong financial position, diversified business model and compelling customer proposition to continue to deliver for its members.”
Skipton, the UK’s fourth largest building society, saw its savings balances grow 7.7% to £18.7 billion in 2020 while its total assets increased 10.9% during the year to £28.3 billion.
Its 2020 profit before tax fell to £118.8 million from £153.2 million.
Skipton chair Robert East said: “David has made an outstanding contribution as group chief executive for the last 13 years and during his 28 year career with the Society.
“He has led the Society out of the challenges of the global financial crisis, through Covid and the transformative acquisition of Countrywide Plc by Connells to the robust financial health we enjoy today.
“The growth in membership, savings balances and mortgage lending through David’s tenure show his focus and dedication to serving and delivering for our members.”
Cutter said: “It has been a privilege to lead Skipton and I am extremely proud of all that we have achieved.
“After almost 30 years with the Society, and over 22 years on the board, having completed the acquisition of Countrywide and with an expected strong financial performance in 2021 against the backdrop of the pandemic, the board and I have agreed that I will step down from my role at the AGM.
“In the meantime, it’s business as usual as the Society continues to help more people have a home, help people save for their life ahead, and support long term financial wellbeing.”