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Turmoil at the Yorkshire Building Society as boss Mike Regnier quits 

Turmoil at the Yorkshire Building Society as boss Mike Regnier quits to become boss at Santander

Mike Regnier (pictured) is leaving Yorkshire to become boss at Santander

Yorkshire Building Society’s future is in doubt after its chief executive quit.

Mike Regnier is leaving the member-owned lender to become boss at Santander. The move brings to an end the Spanish bank’s seven-month search for a chief executive to replace Nathan Bostock. 

But Regnier’s departure runs the risk of weakening the building society as the proposed sale of LV raises fears about further demutualisations – with the Yorkshire among those potentially a target for predators.

One of the Yorkshire’s directors, Alison Hutchinson, also sits on LV’s board and has given the nod to its private equity takeover.

Labour MP Gareth Thomas wrote to Hutchinson in July querying whether she would countenance a similar sell-off of the Yorkshire mutual.

A spokesman for the Yorkshire said there are ‘no plans’ for its mutual heritage to change.