Graham Picken a non-executive director of the Society since December 2005, has been chosen as Richardson's successor with immediate effect.
The Board issued the following statement to endorse Picken's promotion to CEO.
"We are delighted to be able to announce this early appointment for two reasons.
"Graham has a wealth of knowledge and experience in banking and financial services, gained principally through a long and successful career with HSBC in the UK where he has held a number of senior positions including executive chairman of First Direct and general manager, commercial and corporate banking.
"Secondly, through his Board membership of the Society, Graham is obviously well acquainted with the Society's business and therefore, well placed to provide continuity and effective leadership going forward."
