Andrew Craddock is to step down as chief executive of Darlington Building Society at its 2026 annual general meeting, bringing to a close a seven-year tenure that has seen the mutual transformed under his stewardship.

The announcement marks the culmination of a 40-year career in financial services, with Craddock having served as a chief executive within the mutual sector for 12 of those years. He joined the Darlington in 2018, at a time when the Society was seeking a new strategic direction and significant investment in modernisation.

Since his arrival, total assets have risen from £612m to more than £1bn, a 63% increase, with a more diversified mortgage offering helping to push the net interest margin from 1.7% to over 2%. Over the same period, profitability improved and reserves grew from £44m to £55m.

“This has been a privilege,” said Craddock. “In 2026, the Society will celebrate its 170th anniversary of encouraging savings and supporting homeownership, and it feels like an appropriate time to hand over the baton to a new chief executive to build on the firm foundations that are in place.”

Craddock’s retirement will come at a time of celebration for the mutual sector, coinciding with the 250th anniversary of the building society movement. It will also follow a milestone year for the Society itself, which is on track to surpass £1bn in assets and reach £1m in charitable donations via its pledge to give 5% of post-tax profits to local causes.

Chair Rachel Court praised Craddock’s role in modernising systems, launching digital platforms for savings and mortgage origination, and investing in the Society’s people and branches. “Andrew has been an incredibly successful and transformative CEO,” she said. “He has contributed massively to the Society’s presence in and support of our local communities.”

Former chair Jack Cullen, who led the board that appointed Craddock in 2018, described the decision as “the best” of his tenure. “He has been an inspirational leader who turned an ambitious strategy into a reality,” he said.

Under Craddock’s leadership, the Society has undertaken its largest-ever investment programme, including a full migration of its IT infrastructure to the cloud, refurbishment or relocation of all branches, and the launch of digital channels. Staff numbers have grown by 40%, rising from 140 in 2018 to nearly 200.

The Darlington has also made significant progress on social impact and workforce wellbeing. It signed up to the Real Living Wage Foundation, the Women in Finance Charter, and the Mortgage Industry Mental Health Charter, and it received the Gold Autism Acceptance Standard from the North East Autism Society. Its Net Promoter Score has improved to +91.6, while member satisfaction stands at 98.8%, both among the highest in the mutual sector.

The Society’s visible role in its local community has also expanded. Craddock has personally championed partnerships with organisations including County Durham Community Foundation, St. Teresa’s Hospice, and The Bread-and-Butter Thing. The Society also supported the bicentennial of the Stockton & Darlington Railway as headline sponsor of the Hopetown railway museum.

Prior to his role in Darlington, Craddock held positions at Barclays, Allied Irish Bank, and Buckinghamshire Building Society. He will remain in post until April 2026, when his successor will be appointed. The search for a new chief executive is expected to begin later this year.