Nationwide kicks off seek for successor to chairman

Nationwide, Britain’s greatest constructing society, is kicking off a seek for its subsequent chairman, months after it accomplished the largest 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’ below the company governance pointers utilized to listed corporations.

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

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

One of many adverts was banned for wrongly implying that – not like 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 depart 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 present non-executive administrators could be within the body to succeed him.

Nationwide declined to touch upon Monday.