Board names his successor
Tipton & Coseley Building Society has announced that its chief executive, Richard Newton (pictured), will be stepping down early next year after 10 years in the role.
Newton, who has been with the mutual for 32 years, will be succeeded by Adam Evetts, currently the society’s risk and compliance director, subject to regulatory approval.
“Having been with the society for most of my career, this was a tough decision,” Newton said. “From a personal perspective, I believe the timing is right, and this will allow me to pursue new and different opportunities with a better work life balance.
“The society is in a strong position, despite the challenging market, with a clear plan to continue the excellent progress of growth and development we have achieved in recent years.”
In a statement, Jeremy Cross, chair at Tipton & Coseley Building Society, said the board was unanimous in choosing Evetts as CEO after regular succession planning.
“Adam has worked within the building society sector for over 27 years, including at two top-10 societies, and has significant expertise in all areas of risk management, a strong commercial instinct, and the ability to develop, lead and manage teams successfully,” Cross stated.
“The board considered he will be able to successfully lead the Society as it continues to evolve to meet the changing needs of existing and new members, through delivering our growth and development plans.”
Cross said the board was naturally disappointed to hear of Newton’s decision to step down as chief executive, but fully understood that it was an entirely personal decision on his part.
“Richard leaves us with the society in robust financial health - with strong capital, strong liquidity, an ambitious business plan, and a great team in place to deliver for our members,” he added. “We are grateful to Richard for his years of service – and most recently for leading us through the challenges of COVID.”
Commenting on his appointment, Evetts said he was thrilled to have the opportunity to be leading the mutual at such an exciting time.
“The mutual model is as relevant now as it has ever been in our 122-year history,” he remarked. “I’m committed to making sure we continue to focus on providing value to our members and supporting our local communities.”
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