Nationwide Building Society Leadership Succession (6737M)
September 23 2021 - 2:59AM
UK Regulatory
TIDMNBS TIDM34VG
RNS Number : 6737M
Nationwide Building Society
23 September 2021
23 September 2021
Leadership Succession at Nationwide Building Society
Nationwide Building Society announces its succession plan to
support an orderly transition to new leadership. The planned
transition will enable the Society to continue delivering on its
strategic priorities and demonstrate the difference it provides
through better service and value to its members.
Having led the Society since 2016, Chief Executive Joe Garner
has asked the Board to commence the process of finding his
successor. Under Joe's leadership, and despite the pandemic, the
Society has grown by over 20% and significantly increased its
financial strength and resilience. Joe believes that an orderly
transition will give new leadership the strategic optionality to
build on this success and take the Society on to the next phase of
its development.
Under Joe's leadership, as well as the significant growth in the
balance sheet, the Society has grown its membership by 2 million
members to over 16 million and returned nearly GBP3billion in
member financial benefit. It has also grown its stock of
residential mortgages by GBP28billion and in 2020 the Society hit
its long-term target of holding 10% of UK current accounts.
Nationwide has remained first amongst its peer group for customer
satisfaction for the last five years and was awarded the Which?
Banking Brand of the Year for the fourth successive time.(1)
Earlier in the year David Roberts, Nationwide's Chair since
2015, requested that the Society's Board start the process to
select a new Chair ensuring an orderly succession and the
continuity of Board leadership as the country emerges from the
pandemic. After a full and independent selection process, the Board
is pleased to announce that Kevin Parry, the Society's current
Senior Independent Director, has been appointed Deputy Chair and
Chair Elect. The Board's expectation is for Kevin to assume the
role of Chair by March 2022 and, as Chair Elect, he will lead the
process to appoint the Chief Executive's successor.
Kevin joined Nationwide as a non-Executive Director in 2016 and
has been the Senior Independent Director on the Board since January
2020. Kevin is currently Chair of Royal London Mutual Insurance
Society and a non-Executive Director at Daily Mail and General
Trust plc.
David Roberts, Chair of Nationwide, said:
"Joe has made an outstanding contribution as leader of
Nationwide. He has led the Society through the challenges of Brexit
and Covid, and we have emerged in robust financial health able to
focus on supporting our members as the country rebuilds from the
effects of the pandemic. Over the last six years, the growth in our
membership, mortgage lending and deposits aligned with our
consistently superior customer service is testament to Joe's focus
on delivering the things that are important to our members.
"By putting in place an orderly transition, we will ensure a
smooth handover to new leadership and continuity in the running of
the Society."
Joe Garner, Chief Executive, said:
"Nationwide is one of the UK's largest financial services
organisations but most significantly it is mutual-owned and run for
the benefit of its 16 million members. It is therefore a unique
privilege to lead such an organisation, and our achievements are
credit to our loyal and committed employees who have risen to the
recent challenges of Covid so well. Together we have faced some of
the most significant and extraordinary circumstances but have
remained resolute in our focus on meeting the needs of our
members.
"I believe that the Society is in excellent health with a loyal
membership and great commitment to working for a mutual
organisation that has the interests of society and its members at
its heart. The foundations we've laid down in recent years will
enable my successor to continue to grow the Society and ensure we
are ready to meet the future needs of our members. Until that
point, I am absolutely focused on continuing to lead and deliver on
our priorities ."
Kevin Parry, Senior Independent Director, said:
"Nationwide Building Society has been part of the UK's economic
and social fabric for over 150 years, and I'm honoured to be given
the opportunity to help shape its future. I intend to work with my
colleagues to engage all our energy and experience to continuing
the development of the business in accordance with the principles
of mutuality that deliver great service and value for our
members.
"There will be a transitional period into the role, but I'd like
to thank David at this point for his dedication and commitment to
the Society over the last 7 years. It is in no small part thanks to
him, and to Joe, that we move into the future with confidence and
certainty."
- ENDS -
Contacts:
IR: Charlie Wood, Head of Investor Relations, 07500 999612
Media: Sara Batchelor, Head of Media Relations, 07785 344137
Notes:
1. Financial and service comparisons taken from Nationwide
Building Society's Annual Report Accounts 2016 versus 2021. The
balance sheet grew by 22% in the period to GBP255billion from
GBP209billion.
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