New chief to maintain society's 'independence'

Dec 24 2009 by Peter McCusker, The Journal

THE region’s largest independent building society is on the lookout for its third finance director in a matter of months after the resignation of Gary Wilkinson.

But the Newcastle Building Society says Mr Wilkinson’s departure is unrelated to the impending arrival of new chief executive Jim Willens, who was confirmed as its new boss two weeks ago.

Mr Wilkinson only took up his post in August after the departure of Jonathan Westhoff to the West Bromwich Building Society, earlier this year.

Outgoing chief executive Colin Seccombe said Mr Wilkinson is leaving to pursue other career opportunities and he quickly moved to quash speculation over the FD’s departure decision.

“He has not been axed by the new chief executive or anyone. Jim does not start until January and Gary’s decision has nothing to do with that. He simply wants to make his career elsewhere.”

Mr Wilkinson had spent over 20 years with the Alliance & Leicester and had been managing director of regional brands for the Nationwide for 15 months before joining the Newcastle.

Mr Seccombe added: “I am disappointed on a number of levels. Gary was only a few months into the post but was already making improvements. His family lives in Leicester and it is not an easy journey to make to Newcastle on a weekly basis.”

Incoming chief executive Jim Willens spent over 30 years in senior roles at the Nationwide. He subsequently joined the Dunfermline Building Society’s board in late 2008, and was chief executive when it was taken over by the Nationwide earlier this year.

Following a year of consolidation the building society sector there has been speculation that the Newcastle will be swallowed up by one of the major players such as the Nationwide or Yorkshire.

However Mr Seccombe is quick to try to quash speculation that the Newcastle will follow some of the other societies such as the Chelsea and Dunfermline into the arms of larger mutuals.

“One of the fundamental requirements of the board of the Newcastle in searching for a new chief executive is to maintain its independence.

“I can say unequivocally that the Newcastle is not looking to merge. We want to maintain our independent status and that was one of the fundamental requirements we were looking for in my successor.”