The Cumberland Building Society has announced that its chief executive will step down next year after eight years in the role.
Des Moore was appointed in 2018 when The Cumberland was in need of a new strategic direction, the organisation said and he set out to simplify the structure, reduce risk, and lay the groundwork for the building society’s future sustainability.
Under Des’s leadership, The Cumberland’s balance sheet has grown by 32% since 2018.
He has led the organisation through a successful refocus, exiting non-core areas including estate agency and a financial advice business, and strengthening its core operating model including areas such as holiday let and commercial lending.
Internally, he has worked closely with the senior management team to build a more empowered and values-led culture that puts people, community, and the planet at its heart. This includes improved colleague benefits and paying the Real Living Wage.
There has also been significant progress in leadership diversity, with women now holding 50 per cent of senior leadership roles increased from 19 per cent in October 2018.
Throughout external challenges such as the pandemic, Des supported The Cumberland introducing a hybrid working model proving that clear direction and a strong culture can withstand even the most unpredictable conditions.
The impact of that shift has been widely recognised across the industry.
Today, The Cumberland holds a three-star world class accreditation from Best Companies for its culture. It ranks as the second highest in financial services and among the top 20 best large organisations to work for in the UK.
The building society received its fifth consecutive Feefo Platinum Trusted Service Award this year, reflecting its strong people-first approach to its customers through the delivery of exceptional experience.
It has partnerships with FareShare Lancashire & Cumbria and FareShare Glasgow & the West of Scotland and a commitment to financial education, and a six-figure investment in refurbishing its flagship English Street branch in Carlisle, highlighting The Cumberland’s dedication to serving local people and communities.
Des said: “It has been a privilege to lead an organisation that does so much good for others, especially one that has been trusted by its members for 175 years.
“Our people are off-the-scale passionate about what we do, and our success is down to them; I’ve been very lucky to lead an exceptional executive team during this time”.
“When people hear the name, The Cumberland, it resonates with them. We’ve built something deeply connected to the community, and I’m proud of the legacy we’ve created together.
“Having seen The Cumberland through its 168th, 170th and now 175th anniversary, I’m glad to say it remains true to its roots: purpose-led, socially responsible, and committed to our communities. It’s perfectly captured in our Kinder Banking purpose.”
In more recent times, Des has overseen The Cumberland’s largest ever investment as it undertakes a digital transformation to modernise its services and better meet and better meet customer needs.
In a strategic partnership with Tata Consultancy Services (TCS), The Cumberland is modernising its core technology platforms with TCS BaNCS™ for Core Banking, TCS Digital Home Lending Solution for Mortgages, and Quartz for Compliance.
The new banking solution will offer greater flexibility in how customers choose to manage their finances – whether online, by phone, or in branch – alongside the personal touch that sets The Cumberland apart.
He added: “Deep change takes time to implement, and the technology investment was the last big piece of the current puzzle. Now, is the natural moment for someone else to take the baton to solve the banking puzzles of the future.”
Speaking about his future after The Cumberland, Des said he did not plan to take up golf but is interested in doing some advisory or non-executive work at a less frenetic pace.
Des will remain in post until summer 2026.
