Tipton & Coseley Building Society chief executive officer (CEO), Richard Newton, has announced that he will be stepping down from the role early next year.

Having spent 10 years in the role and 32 years at the building society, Newton will be succeeded by Tipton & Coseley’s current risk and compliance director, Adam Evetts, subject to regulatory approval.

Newton said: “Having been with the society for most of my career this was a tough decision, 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.”

The society’s board chair, Jeremy Cross, said: “After 32 years exemplary service, the board was naturally disappointed to hear of Richard’s decision to step down as chief executive of the society, but fully understand that it is an entirely personal decision on Newton’s part. He 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. We are grateful to Newton for his years of service - and most recently for leading us through the challenges of COVID.

“Through regularly considering succession planning, the board were unanimous in concluding that Evetts should succeed Newton. He has worked within the building society sector for over 27 years, including at two top-ten 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. The board consider 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.”

Evetts added: “It’s an honour and privilege to be appointed to succeed Newton as chief executive and I’m thrilled to have the opportunity to be leading the society at such an exciting time. The mutual model is as relevant now as it has ever been in our 122-year history and 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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