The Cumberland Building Society announced that CEO Des Moore will step aside from his role in summer 2026, after eight years with the organisation.
The Cumberland saw mortgage lending grow from £2.37 billion to £2.59 billion in the year to March, 2024, while savings balances rose from £2.61 billion to £2.81 billion.
Profit before tax fell from £26.6 million to £9.6 million “largely due to the unwinding of the interest-rate swaps that protected the Society when rates surged in 2022.”
The Carlisle-based mutual said operating profit, which it called “a more realistic measure of performance,” jumped 29% to £27.4 million, while its balance sheet reached a record high of £3.2 billion.
“Des was appointed in 2018 when The Cumberland was in need of a new strategic direction and, with a strong appetite for change and a clear long-term vision, Des set out to simplify the structure, reduce risk, and lay the groundwork for the building society’s future sustainability,” said the mutual.
“Under Des’s leadership, The Cumberland’s balance sheet has grown by 32% since 2018.
“He has led the organisation through a successful refocus, exiting non-core areas including estate agency and a financial advice business, and strengthening its core operating model including areas such as holiday let and commercial lending.
“Internally, he has worked closely with the senior management team to build a more empowered and values-led culture that puts people, community, and the planet at its heart. This includes improved colleague benefits and paying the Real Living Wage. There has also been significant progress in leadership diversity, with women now holding 50 per cent of senior leadership roles increased from 19 per cent in October 2018.
“Throughout external challenges such as the pandemic, Des supported The Cumberland introducing a hybrid working model proving that clear direction and a strong culture can withstand even the most unpredictable conditions.”
Moore said: “It has been a privilege to lead an organisation that does so much good for others, especially one that has been trusted by its members for 175 years. Our people are ‘off-the-scale’ passionate about what we do, and our success is down to them; I’ve been very lucky to lead an exceptional executive team during this time.
“When people hear the name, The Cumberland, it resonates with them. We’ve built something deeply connected to the community, and I’m proud of the legacy we’ve created together.”