Fearon (pictured) took a step back from the business earlier this year to spend time with his family, with Annette Barnes, senior independent director of Leeds Building Society, stepping into the role of interim chief executive.
The mutual said that having “reflected carefully” with the chair, it is the “perfect moment for him to seek a fresh challenge” and an “ideal junction for a new chief executive to lead the next phase of the society’s development”.
Barnes will remain in her post as interim CEO until Leeds Building Society makes a permanent appointment.
Fearon has worked at Leeds Building Society for nearly 10 years, initially joining as a chief commercial officer (CCO) before becoming deputy CEO in 2018 and then CEO in 2019.
Prior to that, he was at Lloyds Banking Group (LBG) between 2008 and 2016 in various senior roles, and before that, he was at Halifax and Mercer Oliver Wyman.
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He has also held key board member roles with UK Finance, having been chair of the mortgage product between 2020 and 2022, and is currently a board member representing building societies.
Brendan McCafferty, Leeds Building Society’s chair of the board, said: “I want to thank Richard for all of his achievements here and wish him and his family the best for the future. He can rightly be proud of steering the business through the Covid-19 pandemic, implementing our refreshed purpose centred around homeownership and overseeing successive years of growth.
“Our investment in our core mortgages and savings technology will usher in a new phase of the society’s history and now is the right time for a new chief executive to lead that multi-year transformation.
“In the meantime, I’m very pleased that Annette Barnes will continue as interim chief executive until we appoint a permanent successor. Annette has been a director of the board since 2019 and has provided strong leadership and continuity since the summer.”
Barnes said: “I’ve worked closely with Richard for a number of years and thank him for his significant contribution to the society. I look forward to continuing to build on his work alongside our fantastic colleagues as we keep delivering on our purpose of putting homeownership within reach of more people, generation after generation.”
Fearon added: “I’m incredibly proud of my time at Leeds Building Society, including six years as chief executive, and it was wonderful to work with so many dedicated colleagues. With the business in great shape, now is the right moment for me to take on fresh challenges. I have absolute confidence that the society will go from strength to strength as it enters the next phase of its story.”
