Although a date has yet to be finalised it will be governed by the needs of the business and will be no later than May 2011.
Subject to the usual FSA regulatory approval Ian will be succeeded by the current retail director, David Marlow. David (aged 44) joined the society and the board in 2006 and has worked in financial services since 1986.
When David takes up his appointment, Ashraf Piranie (age 47) will become deputy chief executive as well as retaining the role of finance director. Ashraf joined the society and the board in 2007 and has worked in financial services for over 20 years.
Commenting, David Thompson, chairman, said; "Ian has served the society with distinction for over 30 years, the last five of which as chief executive. He has led the society through the most challenging times in living memory for building societies in a calm and assured way as the society's performance has and will demonstrate."
Looking to the future David Thompson added: "David and Ashraf are two extremely capable people with complementary skills. Both have contributed fully to the way the society has managed the impact of the credit crunch and have been pivotal in preparing the strategy for the next phase of its development."
