Long serving Greater Building Society chief executive John Arnold is retiring after 17 years at the helm of one of Australia's largest building societies.

Greater chairman Ian Nelmes today said Mr Arnold would retire in early April. The Board has appointed assistant general manager Don Magin as his replacement.

Mr Nelmes said that the Board has a sound succession plan that will facilitate the smooth transition to a new CEO through an internal appointment, ensuring continued stability in the Greater's operations.

He said the Board, staff and members of the Greater Building Society owed a great deal of gratitude to Mr Arnold for his tremendous service to the Greater and its members.

“John Arnold is leaving the Greater in very good financial shape,” Mr Nelmes said.

"The Greater is well positioned to continue to serve its members well,” he said.

He said the Greater last year achieved a record profit and now had total assets worth more than $4 billion. It is one of Australia's Top 500 private companies, lending more than $1 billion in home loans each year.

During Mr Arnold's term as CEO the Greater had, against the trend, tripled its branch network and opened a call centre as part of a deliberate service strategy. That expansion took the Greater into new markets in the Illawarra and Gold Coast. With 65 branches, it now has the largest branch network of any building society in Australia. It also introduced a very successful holiday rewards program.

“John has always focused on the customer, delivering great service and developing products to meet their needs.”

“He has always been passionate about maintaining the Greater's mutual structure because of the benefits that it provides members.”

Mr Arnold has 42 years experience in financial services. He started work at the Greater in 1980 and has worked in a range of positions for the company including as loans manager and administration manager.