The boss of Skipton Building Society is to step down after the lender, which has owned Connells since 2010 and bankrolled its acquisition of rival Countrywide last year, revealed strong results for 2021.
David Cutter (main pic) has been as the building society for 30 years including a 13 year stint leading the organisation as its group chief executive – and initiated its successful effort to buy Connells outright 12 years ago.
He was also instrumental in giving Connells the financial muscle to buy and integrate Countrywide, making it now the owner of the UK’s largest estate agency group by a country mile.
Describing the purchase of Countrywide as ‘transformative’, Skipton’s chairman Robert East added that Cutter had led the business through the global financial crisis.
“The growth in membership, savings balances and mortgage lending through David’s tenure show his focus and dedication to serving and delivering for our members,” he added.
As he announced his departure, Cutter said: “After almost 30 years with the society, and over 22 years on the Board, having completed the acquisition of Countrywide and with an expected strong financial performance in 2021 against the backdrop of the pandemic, the Board and I have agreed that I will step down from my role at the AGM.
Under Cutter’s leadership, the building society has seen its share price steadily build back from an all-time low of 84p in July 2009 to just over £2.
Skipton says it is getting ready to look for a ‘high calibre’ candidate to replace Cutter.