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 determine a successor to Kevin Parry, who has chaired the mutual since 2022.
Mr Parry has been on the constructing society’s board since 2016, that means he’s ‘timed out’ beneath the company governance pointers utilized to listed firms.
Though owned by its 16m members moderately than listed on the general public markets, Nationwide adheres to comparable governance rules.
One in every of Britain’s greatest excessive road monetary providers teams, it employs greater than 18,000 individuals and has greater than 600 branches throughout the UK.
In September, it accomplished the £2.3bn acquisition of Virgin Cash, the London-listed banking group.
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 strategy to serving prospects.
One of many advertisements was banned for wrongly implying that – not like its friends – Nationwide was not closing any of its branches.
Mr Parry, who can be a former chair of the mutual Royal London, will not be anticipated to depart imminently, though it’s attainable {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 is likely to be within the body to succeed him.
Nationwide declined to touch upon Monday.
