Adam Evetts, currently risk and compliance director at the mutual, will take over as chief executive subject to regulatory approval.

Jeremy Cross, board chair of Tipton and Coseley Building Society, said: “After 32 years exemplary service, the board was naturally disappointed to hear of Richard’s decision to step down as chief executive of the society, but fully understand that it is an entirely personal decision on Richard’s part.

“Richard leaves us with the society in robust financial health – with strong capital, strong liquidity, an ambitious business plan, and a great team in place to deliver for our members. We are grateful to Richard for his years of service – and most recently for leading us through the challenges of Covid.”

Newton added: “Having been with the society for most of my career this was a tough decision, but from a personal perspective I believe the timing is right and this will allow me to pursue new and different opportunities with a better work life balance.

“The society is in a strong position, despite the challenging market, with a clear plan to continue the excellent progress of growth and development we have achieved in recent years.”

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Evetts said: “It’s an honour and privilege to be appointed to succeed Richard as chief executive and I’m thrilled to have the opportunity to be leading the society at such an exciting time.

“The mutual model is as relevant now as it has ever been in our 122 year history and I’m committed to making sure we continue to focus on providing value to our members and supporting our local communities.”