Building Society Giant Nationwide Hunts for New Chair
Nation launches hunt for new leader to replace current chairperson in a nationwide capacity
Here's a scoop: Nationwide, the UK's biggest building society, is on the hunt for a new chairman! This move comes just months after they completed the largest acquisition deal in their 142-year history. Whispers - We hear they've hired some headhunters to find the perfect successor for the helm.
Current chairman, Kevin Parry, has been steering the ship since 2022, but corporate governance rules, akin to those for listed companies, have got him docked due to his tenure since 2016.
Despite the mutual status, Nationwide sticks to comparable governance rules. Oh, and they've got a whopping 18,000 employees manning more than 600 branches across the nation!
Remember their bombastic advertisement campaign last year? Well, they made a splash by lambasting competitors over customer service. But don't forget about that one ad that got a bit too cheeky, earning a ban for its misleading claims about their branch closure policies.
Interesting tidbits:- Nationwide wrapped up a £2.3bn takeover of Virgin Money in September.- Parry, who also headed Royal London as chair, is hanging in there for now but could be replaced by July, if a successor is identified (and if he doesn't have other plans, of course).- There's no word yet on the potential candidates in the running. We're keeping our eyes peeled!
Nationwide is yet to comment on this exciting development. Stay tuned for more updates!
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- The biggest acquisition deal in Nationwide's 142-year history, a £2.3bn takeover of Virgin Money, was confirmed last September, showcasing a significant shift in the banking business.
- nationwide's guiding principles, similar to those for listed companies, have caused controversy, with their current chairman, Kevin Parry, being subjected to corporate governance rules that have led to his tenure being limited.
- In the face of fury over misleading claims about their branch closure policies, Nationwide faced scrutiny last year during their controversial advertisement campaign, prompting questions about the adherence to guidelines in the finance sector.
