Skip.b.s Pib Regulatory News (SBSA)

22 Apr 2008 07:00

Scarborough Building Society22 April 2008 SCARBOROUGH BUILDING SOCIETY CHIEF EXECUTIVE, JOHN CARRIER, TO RETIRE Scarborough Building Society has today announced the impending retirement of itslong-serving Chief Executive, John Carrier. In order to allow sufficient time to ensure a smooth transition to a new chiefexecutive, and in accordance with corporate governance good practice, John willretire on 31 December, 2008 and both internal and external candidates will beinvited to apply for his post. John, who has served 16 years as Chief Executive of the Scarborough Group, said:'As I reach age 60 this year, and with another good set of results expected whenwe reach our financial year end on 30 April, I have decided that 2008 should bemy last year.' Under John's leadership, the Society's assets have grown from £300 million toapproaching £3 billion, with total assets under management of nearly £5 billion. The Scarborough Building Society Group is now a diverse organisation, with arange of subsidiaries including mortgage asset administration companyScarborough Mortgage Services (SMS) and Guernsey-based offshore deposit-takerScarborough Channel Islands Limited (SCIL). Scarborough Group Chairman, William Worsley, said: 'The Board understands andaccepts John's decision and our focus now is on ensuring we appoint the bestpossible candidate to succeed him and lead our successful business into thenext, exciting phase of its development.' The Scarborough Board has appointed a specialist firm of recruitment consultantsto advise it throughout the process of selecting a new Chief Executive and therole will be advertised nationally in the coming weeks. William added: 'The Board will consider applications from both internalcandidates at Director level, and also from external candidates within thefinancial services sector. 'We are keen to maintain corporate governance best practice, which recommends atransparent process of competitive selection, allowing the most able candidateto be chosen to lead the business thereafter.' Commenting on the future direction of the Society, William continued: 'TheSociety's Board remains fiercely committed to Scarborough's independence and tofurther developing its diverse and robust business model as the UK's 17thlargest building society.' This information is provided by RNS The company news service from the London Stock Exchange