Scarborough Building Society Chief Executive John Carrier To Retire

Press release published on 22 April 2008 by Scarborough Building Society

Scarborough Building Society has today announced the impending retirement of its long-serving Chief Executive, John Carrier.

In order to allow sufficient time to ensure a smooth transition to a new chief executive, and in accordance with corporate governance good practice, John will retire on 31 December, 2008 and both internal and external candidates will be invited 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 when we reach our financial year end on 30 April, I have decided that 2008 should be my last year.’

Under John’s leadership, the Society’s assets have grown from £300 million to approaching £3 billion, with total assets under management of nearly £5 billion.

The Scarborough Building Society Group is now a diverse organisation, with a range of subsidiaries including mortgage asset administration company Scarborough Mortgage Services (SMS) and Guernsey-based offshore deposit-taker Scarborough Channel Islands Limited (SCIL).

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.’

The Scarborough Board has appointed a specialist firm of recruitment consultants to advise it throughout the process of selecting a new Chief Executive and the role will be advertised nationally in the coming weeks.

William 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.’

Commenting on the future direction of the Society, William continued: ‘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.’

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