Building society prepares for leadership change amid continued expansion
Darlington Building Society chief executive Andrew Craddock (pictured) has announced his retirement, marking the end of seven years at the helm, during which he led significant changes at the mutual.
He will step down from his role at the organisation’s annual general meeting next year, set for April 27.
Craddock, whose career in financial services spans four decades, including 12 years as a CEO in the mutual sector, joined Darlington in 2018. He also held senior roles at Barclays, Allied Irish Bank and Buckinghamshire Building Society.
At Darlington, he set out a clear strategic vision, focusing on growth, digital transformation and risk reduction. He took over during a time of strategic transition, implementing reforms aimed at strengthening the building society’s foundations for long-term growth.
Under his leadership, total assets rose 63% from £612 million in 2018 and is now on track to hit £1 billion this year. Improvements to the mortgage offering helped lift the net interest margin from 1.7% to more than 2%. Reserves grew by 25%, reaching £55 million by the end of 2024. The mutual reported £3 million in profit from mortgage and savings operations in 2024, matching the previous year. Its asset base expanded from £923 million in 2023 to £935 million last year.
Craddock oversaw a wide-ranging investment programme, including a full IT migration to cloud infrastructure, new digital tools for savings and mortgages, and upgrades across the Society’s branch network. The workforce also grew under his tenure, increasing from 140 employees in 2018 to nearly 200 in 2025.
“It has been a privilege to be a steward of the society’s progress over the past seven years,” Craddock said, reflecting on his decision to retire next year. “I’m proud of what we have achieved. It has also been a joy to get to know this fantastic part of the country, and the people who live here.
“In 2026, the society will celebrate its 170th anniversary of encouraging savings and supporting homeownership, and it feels like an appropriate time to hand over the baton to a new chief executive to build on the firm foundations that are in place and take the society to the next station on its journey into the future.”
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