New chief for Tipton and Coseley Building Society

Richard Newton, aged 43, who is currently the society's finance director, will succeed long-serving Chris Martin who retires on November 30.

Mr Newton said the society, which has four branches in Tipton, Coseley, Bilston and Sedgley, remains committed to providing mortgage advice for local customers under new regulations. Marcus Daly, the Tipton's chairman, said: "The board undertook a rigorous selection process, working closely with a specialist executive recruitment firm to select a suitable successor, and is extremely pleased to have appointed someone of Richard's calibre to replace Chris as chief executive.

Mr Daly added. We are excited with Richard's vision for the society which will ensure its continued future success. I would like to thank Chris for his tremendous contribution to the Society's success and to wish him well in his retirement."

Mr Newton has worked for the Tipton since 1991 when he joined as an administrative assistant.

He said: "I am pleased and honoured to be succeeding Chris. My approach will build upon the ethos of the Tipton; that of providing a safe and secure home for members savings, helping local people buy their own homes through the provision of a full advice service under the new Mortgage Market Review regulations, and supporting the local community, whilst at all times striving to offer a high level of personal customer service."

Chris Martin has spent 43 years working at the Tipton, of which 26 years have been served as chief executive, the longest serving building society chief executive in the UK. He added: "Richard was a natural choice for the role. He has an excellent track record and displays exactly the sort of experience and knowledge of the business that the Society needs at such an exciting yet challenging time, his sound business credentials will help maintain the strength of the society."

Mr Newton, a former student of Dartmouth High School in Sandwell, qualified as a chartered certified accountant in 2001 following his appointment as finance manager. In 2009 he was promoted to general manager (finance & systems) and was appointed to the board as finance director two years later.