View more on these topics

Chelsea Building Society chief executive to step down

Chelsea Building Society chief executive Richard Hornbrook will be leaving the society by mutual agreement at the end of the month.

Hornbrook will be replaced by chairman Stuart Bernau, who will combine the roles of chief executive and chairman while a longer term replacement is found. Bernau was only appointed as chairman last month.

Hornbrook has worked for Chelsea Building Society for the past 28 years, with the last four as chief executive.

In March Chelsea building society revealed losses of nearly £30m due in part to a £55m exposure to two Icelandic banks.

A provision of £44.3m was set aside against the potential loss, but Chelsea was also hit by a £10.2m FSCS levy and the write-off of goodwill of £15.4m arising on the acquisition of BCS Loans and Mortgages.

Bernau says: “Richard Hornbrook has played an important role at Chelsea over the last 28 years. During this time, he has instilled values into Chelsea that have created an engaged workforce that is committed to offering a great customer experience to our members. These values have served Chelsea well and I am committed to maintaining them.”



News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm