Staff and members bid a fond farewell to Chief Executive, Peter Myers at the Beverley Building Society AGM on Tuesday evening as he officially handed over the reins to new Deputy Chief Executive, Janet Bedford.
The executive team delivered a positive presentation at Browns of Beverley, reporting strong figures that are testament to Peter’s five year growth plan.
As Financial Director since 2014, Ms Bedford delivered her final financial report prior to her promotion as Deputy Chief Executive. She explained:
“Plans for the short term future are to support local first time buyers with a ninety-five percent mortgage. This business is funded primarily utilising local customers’ savings and we endeavour to offer good value savings rates over the longer term. As a result the balance sheet has grown by five percent driven by funding inflows.”
“Costs continue to be carefully managed and I am proud that we have one of the lowest cost to asset ratios in our peer group.”
“Peter Myers is leaving the Society following a hugely successful five year programme. Profits before tax are £337K which is the second highest during his term. We have successfully lent £24.4m in new variable rate mortgages in 2016 which is one of the highest years on record and provisions have significantly reduced in the year due to the continued focus on lower risk prime, residential mortgages.”
“We are all sad to see Peter leave, however wish him well in his non-executive roles and look forward to him achieving his goal and getting back into the World’s top ten in his age group for triathlon.”
Ms Bedford has commenced in her role as Deputy Chief Executive and the new CEO will be announced over the next few weeks and is due to start in August 2017.