Lazenby was CEO at Kent Reliance for more than 11 years before JC Flowers injected £50m into the society in exchange for its stake. OneSavings Bank, a bank run on mutual principles and jointly owned by Kent Reliance Provident Society in partnership with JC Flowers & Co, was formed in its place.
Malcolm McCaig, chairman of OneSavings Bank, said: “Mike is a passionate supporter of mutuality, and had the foresight to recognise the need for Kent Reliance to seek a partner to preserve its mutual ethos and further develop its franchise. He played a key part in the creation of OneSavings Bank, and, in doing so, has helped protect the interests of members as part of a bigger, better capitalised and competitive player in the financial services sector.
“Having achieved this, Mike and the board have agreed that the time is right for him to step down from his position as CEO. The board would like to thank him for all he has done for KRPS and OneSavings Bank and for his role in creating such a strong foundation for future growth. We wish him well in his future endeavours.”
Lazenby added: “It has been a pleasure to serve members’ interests as CEO of Kent Reliance and latterly as CEO of OneSavings Bank. I am very proud of the strong reputation we have built in retail financial services, and it has been a privilege to work with such a talented team. I have no doubt that OneSavings Bank will go from strength-to-strength whilst retaining its mutual ethos at the heart of the business.”
The board has begun a search for a successor but in the intervening period, finance director Bob Scruton will assume the role of Interim CEO.