Scarborough Building Society has announced the impending retirement of its CEO, John Carrier.
The society said that in order to allow sufficient time to ensure a smooth transition to a new CEO, and in accordance with corporate governance good practice, Mr Carrier will retire on December 31, 2008.
Mr Carrier, who has served 16 years as CEO of the Scarborough group, 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.
William Worsley, chairman of Scarborough, added: 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.
The board will consider applications from both internal candidates at director level, and also from external candidates within the financial services sector.