He will remain a director during the first quarter of next year until the Society's 2011 AGM. Ian has held the chief executive role for almost 15 years.
Ian will be succeeded by the society's current finance director and deputy chief executive, David Pickersgill. David has worked for the society since 1987 and has been a main board director since 1995. He is a chartered accountant and his previous roles include a period with Coopers and Lybrand (now PwC).
Robin Smith, chairman of Leeds Building Society, said: "Ian has been highly successful in leading the society since 1995. During these 15 years, we have almost quadrupled in size, achieved profitability each year with the cumulative pre-tax profit total being £481m during this period, our capital and reserves have grown from £161m to £543m and we are now the UK's fifth largest building society. Even since the global economic problems started in 2007, we have achieved good levels of profitability with our strong credit ratings from Moody's and Fitch being maintained. The Board agreed the succession strategy in October last year and we are announcing it now as we are commencing the selection process for a new finance director who we expect to join the Board by the end of the year."
Robin Smith, commenting on the appointment of David Pickersgill, said "We are extremely fortunate to have such a high calibre finance director and deputy chief executive in David Pickersgill and it was the unanimous decision of the board to appoint him as chief executive. David will be highly effective in his new role."
