Leeds Building Society said on Friday that CEO Richard Fearon is leaving the mutual after nine years, the past six of those as chief executive.
“Earlier this year (in June), Richard took a period of leave to welcome the arrival of a new baby and having reflected carefully with the chair, they have agreed it is the perfect moment for him to seek a fresh challenge,” said Leeds Building Society.
“Richard and the board have also agreed it is an ideal juncture for a new chief executive to lead the next phase of the Society’s development.
“The board appointed Annette Barnes as Interim CEO in June 2025 and she will remain in post until it makes a permanent appointment.”
Leeds Building Society is the UK’s fifth-largest building society with assets of £32 billion and a total membership of 1 million as at the end of June 2025.
The society employs 1,800 staff, with a head office in Leeds, a customer contact centre in Newcastle, and a network of 51 branches across the UK.
Leeds Building Society chair Brendan McCafferty said: “I want to thank Richard for all of his achievements here and wish him and his family the best for the future.
“He can rightly be proud of steering the business through the Covid-19 pandemic, implementing our refreshed Purpose centred around homeownership and overseeing successive years of growth.
“Our investment in our core mortgages and savings technology will usher in a new phase of the Society’s history and now is the right time for a new chief executive to lead that multi-year transformation.
“In the meantime, I’m very pleased that Annette Barnes will continue as Interim Chief Executive until we appoint a permanent successor. Annette has been a Director of the Board since 2019 and has provided strong leadership and continuity since the summer.”
Barnes, Interim CEO, said: “I’ve worked closely with Richard for a number of years and thank him for his significant contribution to the Society. I look forward to continuing to build on his work alongside our fantastic colleagues as we keep delivering on our Purpose of putting home ownership within reach of more people, generation after generation.”
Fearon said: “I’m incredibly proud of my time at Leeds Building Society, including six years as chief executive, and it was wonderful to work with so many dedicated colleagues.
“With the business in great shape, now is the right moment for me to take on fresh challenges. I have absolute confidence that the Society will go from strength to strength as it enters the next phase of its story.”