The society, among the country's 40 largest, reported pre-tax profits down from pounds 2.3m to pounds 1.6m and loss provisions up by 50 per cent from pounds 2.2m to pounds 3.3m.
Tom Pindar, the society's chairman, said: 'We have reaffirmed our commitment to being a straightforward provider of home loans, a safe haven for savings and an operator of a small range of ancillary revenue-earning activities, notably mortgage administration for other lenders and financial counselling.
'After considerable thought and discussion it has been agreed that we will release Mr Turley, who is to operate as an independent consultant.'
Mr Turley, who was at the society for three years after leaving Skipton Building Society, was not available for comment.
John Carrier, his former deputy, takes over as chief executive. Mr Carrier joined the society six years ago from the Leeds Permanent.
He said: 'We will remain an independent society and develop our existing businesses.'
John Wriglesworth, building society analyst at the stockbroker Phillips & Drew, said: 'The results are disappointing but they are not in the rescue league.'