West Brom members to meet leaders
Members of West Bromwich Building Society were expected to vent their anger at directors and senior executives its near collapse at its annual general meeting in the Black Country today.
Bosses of the society were facing members following a year that has seen the departure of the previous chief executive, Stephen Karle, with a £686,000 payoff and revelations of annual losses topping £48 million.
The West Brom has also closed its final salary pension scheme, moving 250 of its 850 staff onto a less lucrative defined contribution scheme.
Around 200 society members were expected at this afternoon's AGM at the Banks's Stadium, Bescot – twice as many as turned up last year.
Following Mr Karle's resignation in October he was immediately replaced by Robert Sharpe, former boss of the Portman Building Society.
At the Portman Mr Sharpe negotiated a merger with bigger rival Nationwide, that resulted in a £500million windfall payout for Portman members.
But he has consistently denied any rumours that the West Bromwich Building Society might be taken over.
While Mr Sharpe is seen as the figure who navigated the building society through its recent crisis, other longer-serving members of the board, such as chairman Brian Woods-Scawen, may be more vulnerable to attack at today's meeting.
