David Cutter, currently Skipton's group corporate development director, will succeed John as chief executive on 1 January 2009.
The planning and arrangements for John's succession have been in place for some time. To facilitate a smooth transition, David Cutter will become deputy chief executive on 1 August 2008. David will work alongside John, who will continue in his role as chairman of the BSA until May 2009, until he replaces him as chief executive on 1 January.
David commented, "It's a great honour to be taking the helm of one of the country's largest building societies. The Society remains robust in these turbulent financial times and both our savers and borrowers can be sure they are in safe hands.
