Nationwide Building Society announced on Friday it has appointed TSB bank CEO Debbie Crosbie as its next chief executive and executive director, subject to regulatory approval.
Nationwide is the world’s largest building society and as a “mutual” it is owned by its 16 million members.
It has 18,000 employees.
Over the last five years, Nationwide has grown its stock of residential mortgages by £28 billion and in 2020 it hit its long-term target of holding 10% of UK current accounts.
“The selection process has been led by Kevin Parry, the Society’s deputy chairman and chairman elect and follows the announcement in September that after nearly six years in the role, the current chief executive, Joe Garner, intended to stand down from the board,” said Nationwide.
Crosbie will take up her position in the first half of 2022. Until then, Garner will continue as CEO.
“Debbie will be Nationwide’s first female executive director,” added the mutual.
“She is currently chief executive of TSB, a non-executive director of SSE plc and a member of the Prudential Regulation Authority’s Practitioner Panel.”
Prior to TSB — which is currently owned by Spain’s Banco Sabadell — Crosbie was acting CEO of Clydesdale Bank, where she led preparations for its demerger and subsequent IPO.
Parry said: “The board is delighted that Debbie has agreed to join Nationwide as chief executive.
“Following a thorough and rigorous selection process, she emerged as the outstanding candidate to lead Nationwide.
“She brings significant banking experience combined with deep operational and technological knowledge – core skills that are needed to run a modern building society.
“She is a strong advocate of mutuality and supports Nationwide’s core purpose and the societal role it plays.
“I look forward to working with Debbie to continue to enhance the services we provide to our members.”
Crosbie said: “Nationwide’s mutual status, combined with its trusted brand and market-leading customer service, make it a purposeful and unique force for good.
“I’m delighted to be asked to lead the Society in its next phase of growth and to work with its members and colleagues to make it the leading retail financial services provider in the UK.”
Nationwide chairman David Roberts said: “I am pleased we have completed the selection process with the appointment of Debbie.
“By running an orderly and timely transition, we will ensure a smooth handover and continuity in the running of the Society.
“Debbie will join a Society that is in excellent health, a testament to the outstanding contribution that Joe Garner and the team have made over the last six years.
“The growth in our membership coupled with our superior service and underpinned by our financial strength is a solid foundation to continue growing the Society and ensuring we are ready to meet the future needs of our members.”