Derbyshire Building Society chief executive officer Peter Richardson has decided to take early retirement from the society.
The Board has accepted his decision to step down and has appointed non-executive director Graham Picken to take over the role with immediate effect.
The news comes after rating agency Moody’s put the building society on watch for a possible downgrade due to its exposure to sub-prime.
Picken has held positions at HSBC including executive chairman of First Direct.
Richardson leaves the society after a career spanning ten years, including over eight years as chief executive officer.
Chairman Alan Woods says: “We wish him well for the future and thank him for his contribution to our growth and financial strength.”