Great Places Housing Group has started the search for a new chief financial officer after Mike Gerrard announced plans to leave the housing association for a role outside the sector.

The Greater Manchester-based housing association said Gerrard will step down in the new year, ending a three-year stint overseeing the organisation's finances, to join property developer The Emerson Group.

CEO Alison Dean said Gerrard "has played a key role in helping Great Places to deliver on our strategic priorities throughout our current Corporate Plan, and has overseen some important activity that has ensured the continued financial resilience of our organisation. He leaves us in a strong financial and operational position."

The leadership change comes at a significant time for housing associations, which continue to balance investment in new and existing homes with funding pressures, regulatory requirements and higher borrowing costs.

The organisation reported turnover of £214.8m in the year to March and secured £320m in funding through Homes England's affordable homes programme to support the delivery of new housing. However, like many housing associations, it has faced rising financing costs as it invests in new homes, building safety and energy-efficiency improvements. Total debt increased to £982.4m during the year, while post-tax surplus fell to £21.7m.

As one of the sector's larger providers, Great Places is also an active participant in debt markets and currently has £345m of secured bonds due in 2042.

Great Places, which manages around 25,000 homes across the North West and Yorkshire, said succession planning is now under way and that a further update on the appointment process will be provided in due course.

---