Nationwide kicks off seek for successor to chairman

Nationwide, Britain’s largest constructing society, is kicking off a seek for its subsequent chairman, months after it accomplished the most important takeover deal in its 142-year historical past.

Sky Information has learnt that Nationwide is working with headhunters to establish a successor to Kevin Parry, who has chaired the mutual since 2022.

Mr Parry has been on the constructing society’s board since 2016, which means he’s ‘timed out’ underneath the company governance pointers utilized to listed corporations.

Though owned by its 16m members moderately than listed on the general public markets, Nationwide adheres to comparable governance rules.

Final 12 months, it sparked fury amongst its excessive road banking rivals by working a provocative tv promoting marketing campaign which mocked them for his or her method to serving clients.

One of many advertisements was banned for wrongly implying that – in contrast to its friends – Nationwide was not closing any of its branches.

Mr Parry, who can also be a former chair of the mutual Royal London, isn’t anticipated to go away imminently, though it’s potential {that a} succession plan could possibly be confirmed at or earlier than Nationwide’s subsequent annual assembly in July.

It was unclear whether or not any of the mutual’s current non-executive administrators may be within the body to succeed him.

Nationwide declined to touch upon Monday.