"Peter has provided outstanding vision and leadership over the past seven years, during which time the Society’s total assets and profits have more than doubled."
Subject to regulatory approval, he will be succeeded by Richard Fearon, who is currently the Society’s chief commercial officer and will become deputy CEO with immediate effect.
The Society's half year results show that total assets increased to £19.5bn, up 13% since June 2017.
Profit before tax dipped to £60.1m in H1, down from £63.2m to June 2017, after a one-off charge of £6.9m resulting from Leeds' decision to dispose of its Irish mortgages.
Residential mortgage lending also dipped to £1.8bn from £2.1bn in H1 2017.
Leeds Building Society chairman, Robin Ashton, said: “Peter has provided outstanding vision and leadership over the past seven years, during which time the Society’s total assets and profits have more than doubled.
“I would like to thank Peter for his huge contribution to our success and wish him well for the next stage in his life.
“Richard has been Chief Commercial Officer for two and half years. He was recruited with succession in mind and has proved to be an extremely able Executive Director.
“I know Richard will lead the business and our colleagues to future success, particularly as we continue to develop a Society capable of thriving in the digital age.”
Peter added: “It has been a great privilege to be the custodian of the Society as only the seventh CEO in over 140 years.
“As I prepare to retire from the Society, it is stronger than it’s ever been, with £1.2bn of capital to support future growth, and a skilled and forward-looking leadership team.
“I’m delighted Richard was chosen by the Board as my successor – he has really demonstrated his value to the Society since joining the Executive team and has the experience and capability to lead the business through the next stage of its development.”
