Vernon Building Society has announced its chief executive, Steve Fletcher, will retire in December and be replaced by Darren Ditchburn from Leek Building Society.

Fletcher joined the Stockport mutual in January 2018 and steps down after a 43-year career in the financial services industry.

He said: “I feel the Society is in great shape and we have really exciting plans for the next five years. Now is the right time to move aside and allow Darren to drive the organisation forward with the same passion and energy I brought with me seven years ago.

“I’m hugely proud of what I’ve achieved at Vernon Building Society, particularly the working environment and culture that’s been developed through engaging and empowering colleagues. I’m delighted to be leaving Members, colleagues and the community an ambitious and modern organisation which can robustly adapt to the fast-changing external environment.”

Ditchburn (pictured), currently deputy chief executive at Leek Building Society, brings 20 years of experience within the building society sector, having worked his way up at Darlington Building Society.

He said: “Steve leaves behind a brilliant legacy and I am incredibly proud to be joining Vernon Building Society as chief executive at such an exciting time. I can’t wait to pick up the mantle and continue taking the Vernon forward. In doing so, I will continue to put great importance on what really matters; our members, local communities, colleagues and their futures.

“This role brings with it a unique responsibility to make a positive difference in the lives of others. Building societies enable home ownership and encourage healthy savings, which are some of the biggest life goals people have. With the impacts of high inflation, increased cost of living, and higher interest rates, a key priority remains offering our members the support and guidance they need to achieve their financial goals.

“Together, we will build better futures and our members can be assured that the Vernon has got them. We’re committed to offering a personal service where they are talked to and understood, no matter what their circumstances.”