Yorkshire Building Society has announced that chief financial officer Alasdair Lenman will retire in June after seven years at the business.  

The mutual says it is currently “working with external executive search partners to find a permanent successor to Alasdair”.   

Yorkshire Building Society chief executive Susan Allen says: “He [Lenman] has been CFO during a period of significant challenge as we have addressed the complexities of the Covid Pandemic and a period of historically low interest rates.  

“During this period, our mortgage and savings balances have increased to more than £45bn, we have consistently paid higher than the market average rate to our savers and delivered strong profitability.”  

Lenman was previously chief financial officer at insurer BGL Group for almost three-and-a-half years, leaving in 2016.  

Prior to that, he worked at Lloyds Banking Group for five years in a variety of roles, leaving as retail products finance director in 2012.

Lenman adds: “Now is the right time for me to plan my retirement, particularly when the society is in such good shape.”  

The mutual’s pre-tax profit fell to £180.6m in the six months to the end of June 2023 from £243.4m the year before, as it battled volatile interest rates and tightening lending margins, according to its latest half-year report.  

Gross lending fell to £4.2bn from £5.3bn over the same period.