Building society chief executive steps down

THE chief executive of Yorkshire Building Society, Chris Pilling, has announced he is to step down.

He will finish his five-year run as chief executive at the end of 2016, citing personal reasons for his departure.

Mr Pilling said said: “After nearly five years as chief executive of the Society during a period of significant change, I have decided to step down with the intention of pursuing new and different opportunities that will give me more balance with my family life.

“From a personal perspective, I believe now is the right time for me to do this and for the board to appoint a new chief executive to continue to take the Society forward. The Society is in a strong position despite the challenging markets and it has been a privilege to have been part of its recent history and success. In the meantime, it is business as usual.”

Chairman John Heaps said: “This is entirely a personal decision on Chris’ part. I would like to thank Chris for his tremendous contribution to the continuing success of the Society over the past five years.

“The process of finding a suitable successor to build on Chris’ achievements has already commenced. In the meantime, Chris will remain chief executive and continue to work with the rest of the Board and senior management.”

YBS which also owns the Chelsea, Peterborough, Norwich and Barnsley Building Societies, achieved gross lending of £6.9bn down from £7.6bn in 2014 and net lending of £1.1bn, down from £2.6bn in the year before.

Pre-tax profits dipped to £173.3m in the year to 31 December 2015 from £188.2m the year before.

The Society announced in January that it would be closing 22 of its 230 branches . It has also undertaken a major refurbishment of 73 sites over the past year.

YBS, founded in 1864, employs 2,700 people across Yorkshire and the Humber, which accounts for about 60% of the total workforce