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Stroud & Swindon chief executive quits

Stroud & Swindon Building Society’s chief executive David Hill is stepping down from his role at the end of August after nine years at the mutual.

Hill is the second building society chief executive to step down within a week after Chelsea Building Society last week revealed its CEO Richard Hornbrook is to step down by mutual agreement at the end of August.

Stroud & Swindon finance director Kevin Bounds will take on the role while the building society searches for a permanent chief executive.

The building society posted £3.4m losses in its annual results in March, compared to a profit of £7.7m the previous year, blaming the increased Financial Services Compensation Scheme levy and lack of access to wholesale funding for its performance.

Hill says: ”Having experienced the changes in the sector over the last couple of years and taken the necessary actions that will ensure the society continues to have a successful and independent future I feel the time is right to move on and let someone else oversee the next stage of the society’s development.”

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