Scarborough chief to retire

JOHN CARRIER, the long-serving chief executive of Scarborough Building Society, is to retire from the organisation.

Mr Carrier, who has held the position at the Scarborough-based building society, said: “As I reach age 60 this year, and with another good set of results expected when we reach our financial year end on April 30, I have decided that 2008 should be my last year.”

Under Mr Carrier’s leadership, the Society’s assets have grown from £300m to almost £3bn, with total assets under management of nearly £5bn.

Scarborough Group chairman William Worsley said: “The board understands and accepts John’s decision and our focus now is on ensuring we appoint the best possible candidate to succeed him and lead our successful business into the next, exciting phase of its development.”

Mr Carrier will retire on December 31 and  both internal and external candidates will be invited to apply for his post.

Scarborough Building Society Group has a range of subsidiaries including mortgage asset administration company Scarborough Mortgage Services and Guernsey-based offshore deposit-taker Scarborough Channel Islands.

Mr Worsley added: “The board will consider applications from both internal candidates at director level, and also from external candidates within the financial services sector.

“We are keen to maintain corporate governance best practice, which recommends a transparent process of competitive selection, allowing the most able candidate to be chosen to lead the business thereafter.

“The Society’s board remains fiercely committed to Scarborough’s independence and to further developing its diverse and robust business model as the UK’s 17th largest building society.”