The Greater Building Society will begin searching for a new CEO, with Don Magin announcing he will step down later in the year.

To ensure a smooth transition to a new CEO, he will stay in the role until August.

In the role for the past five years, Don said it was a good length of time to be in the top job and it was time to hand over the reins to new blood.

Greater chairman Wayne Russell said the Board had commenced the process of recruiting for a new CEO.

He said Don had made an outstanding contribution to The Greater as CEO and in the 27 years he has worked at The Greater.

He continued, saying The Greater was in great financial shape, posting a healthy profit of $28.4M in 2012/13 up 36 per cent on the previous year.

“Don has been instrumental in laying the foundations of The Greater’s strong customer service focus as well as its well regarded marketing and IT capabilities,” Wayne said.

“He has been a strong believer in The Greater’s customer-owned model and focus on supporting customers and their local communities.”

“Don is a strong advocate of The Greater’s culture of encouraging, supporting and developing its staff.”

“We have a strong management team and fantastic staff who will continue our mission to make life greater for our customers.”

Don also drove the establishment of the Greater Charitable Foundation in 2011. The Foundation has already allocated almost $4 million to support charities improve life outcomes for people in The Greater’s area of operation.

Newcastle raised and educated, Don worked for BHP before starting at The Greater. He has a degree in Mathematics from The University of Newcastle. He is currently the chairman of the Customer Owned Banking Association and a director of Hunter Valley Research Foundation and Australian Settlements Ltd.