Matthew Bullock, the CEO of troubled building society Norwich & Peterborough (N&P), is leaving the company amid takeover rumours and claims of a £50m misselling scandal of Keydata products.
Bullock will be retiring when a successor is found, after 12 years at the Friendly.
In a statement Bullock says the Keydata issue has "dominated" the past 12 months.
The troubled building society has admitted its advisers gave "inappropriate" advice to a customer who invested the bulk of their SIPP in Keydata, in a case lawyers involved say mirrors dozens of other claims.
Bullock has said N&P, which is being circled by rivals as a potential takeover target, faces costs of up to £50m in poor advice claims from hundreds of angry Keydata investors.
Coventry Building Society is at the front of a queue of bidders for N&P, in the latest round of consolidation in the mutual sector. N&P has corfirmed it is considering a merger or capital injection.
Bullock says: "Having steered the Society through many changes, including the worst of the financial crisis in 2008/9, now is an appropriate time to make way for a successor.
"Inevitably the Keydata issue has dominated much of the last 12 months, but over the last 12 years it has been providing personal service and engagement with the needs of members and staff which have been my over-riding passions, and which I shall miss."
The Board has now started the search for Matthew's successor.
Chairman Gordon Horsfield praised Bullock's record.
"He led the Society through the most difficult period for many UK financial services businesses following the global financial crisis in 2008. He will be a difficult act to follow."
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