Chief Executive to Retire

RNS Number:8045S
Scarborough Building Society
22 April 2008



SCARBOROUGH BUILDING SOCIETY CHIEF EXECUTIVE, JOHN CARRIER, TO RETIRE

Scarborough Building Society has today announced the impending retirement of its
long-serving Chief Executive, John Carrier.

In order to allow sufficient time to ensure a smooth transition to a new chief
executive, and in accordance with corporate governance good practice, John will
retire on 31 December, 2008 and both internal and external candidates will be
invited to apply for his post.

John, who has served 16 years as Chief Executive of the Scarborough Group, said:
'As I reach age 60 this year, and with another good set of results expected when
we reach our financial year end on 30 April, I have decided that 2008 should be
my last year.'

Under John's leadership, the Society's assets have grown from £300 million to
approaching £3 billion, with total assets under management of nearly £5 billion.

The Scarborough Building Society Group is now a diverse organisation, with a
range of subsidiaries including mortgage asset administration company
Scarborough Mortgage Services (SMS) and Guernsey-based offshore deposit-taker
Scarborough Channel Islands Limited (SCIL).

Scarborough Group Chairman, William Worsley, said: 'The Board understands and
accepts John's decision and our focus now is on ensuring we appoint the best
possible candidate to succeed him and lead our successful business into the
next, exciting phase of its development.'

The Scarborough Board has appointed a specialist firm of recruitment consultants
to advise it throughout the process of selecting a new Chief Executive and the
role will be advertised nationally in the coming weeks.

William added: 'The Board will consider applications from both internal
candidates at Director level, and also from external candidates within the
financial services sector.

'We are keen to maintain corporate governance best practice, which recommends a
transparent process of competitive selection, allowing the most able candidate
to be chosen to lead the business thereafter.'

Commenting on the future direction of the Society, William continued: 'The
Society's Board remains fiercely committed to Scarborough's independence and to
further developing its diverse and robust business model as the UK's 17th
largest building society.'



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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