Cirencester Friendly is set to begin the hunt for a new chief executive as its current boss, Paul Hudson, has announced that he will retire after 26 years’ service at the income protection provider.

Hudson has announced that he will step down from the role in April 2023, in order to give the mutual enough time to find a successor. 

The Society is working with executive search agency, Fletcher Jones, in the recruitment process. 

Current chairman John Quinn will serve an extra year until June 2023 in order to provide continuity over the transition period.

Hudson first joined the financial services industry in 1974 and in 1997 was appointed chief executive of Cirencester Friendly. 

Under his leadership the membership of the society has grown from around 13,000 to more than 43,000 with total funds increasing from £23m to almost £160m in 2020. 

Premium income has also grown from under £2m in 1997 to over £21m at the end of 2020.

Hudson has been engaged with wider industry matters since 2005 and is currently a board member of the Association of Financial Mutuals, having previously held the role of president.

Cirencester Friendly outgoing chief executive Paul Hudson says: “I have been extremely proud to have served as CEO of Cirencester Friendly since 1997. 

“It has been an incredible journey growing the business significantly in that time. I have worked alongside very many fantastic people who have shared my vision to deliver great protection products to those who need them most. 

“It has been a real team effort. 

“Cirencester Friendly is now a very different business to the one I joined all those years ago, but it continues to embrace the customer centric mutual ideals on which it was founded back in 1890. 

“I will leave a wonderfully capable group of people and I am confident the Society will continue to prosper in the years to come. 

“The time comes for everyone to hand over and that time has now arrived for me to pass the baton to new leadership.”

Cirencester chairman John Quinn says: ”Paul Hudson has led a transformation of the business.

“New products have been developed and successfully launched and membership has grown remarkably. 

“Our business growth has always been sustainable, leading to a significant expansion of our balance sheet. 

“On his watch Cirencester Friendly has become a leader in the field of income protection. 

“Above all, Paul has put the interest of our members and high-quality service at the heart of everything we do. 

“He will be a very hard act to follow, but the strong foundations he has laid mean that we view the Society’s future with great confidence.”