NATIONWIDE Building Society's chief executive is preparing to step down - and the search is on for his successor.

Joe Garner has led the Swindon-based lending giant for more than five years but is now letting someone else take the top job.

This "orderly transition to new leadership” marks a clean sweep at the building society's highest level as chairman David Roberts will be leaving too.

Royal London Mutual Insurance Society chairman Kevin Parry has been appointed as deputy chairman and chairman elect. He will replace Mr Roberts by March 2022.

Mr Parry will lead the process to appoint a suitable replacement for Mr Garner, which will involve an internal and external search.

Mr Garner said: “The foundations we’ve laid down in recent years will enable my successor to continue to grow the society and ensure we are ready to meet the future needs of our members.

“Until that point, I am absolutely focused on continuing to lead and deliver on our priorities.”

Outgoing chairman David Roberts said: “Joe Garner has made an outstanding contribution as leader of Nationwide. He has led the society through the challenges of Brexit and Covid, and we have emerged in robust financial health able to focus on supporting our members as the country rebuilds from the effects of the pandemic.

“By putting in place an orderly transition, we will ensure a smooth handover to new leadership and continuity in the running of the society.”

Nationwide confirmed that Mr Garner will remain in his post until a successor is appointed and is not leaving for another role.

He took the top job in April 2016 after joining from BT Group, where he had been chief executive of Openreach since early 2014, and had previously been the head of HSBC in the UK.

Mr Roberts has been chairman of Nationwide since 2015 and asked the board earlier this year to start planning for his successor.

Mr Parry has been senior independent director at the group since January 2020 having joined the board as a non-executive director in 2016.

Its annual pre-tax profits rose from £466 million to £823 million, helped by cost-cutting measures and higher income.

The group slashed administrative expenses by £94 million to £2.2 billion in the year to April 4.