THE boss of Nationwide has bid farewell ahead of his successor starting in two weeks' time.

The business society which has had its headquarters in Swindon for decades will see a change of hands on June 2 when Debbie Crosbie steps into the top job.

Outgoing chief executive officer Joe Garner hosted his seventh and final conference call with the press on Friday morning to take questions about the business' latest financial results.

The stats showed profits soaring as customer demand for mortgages and other services offered by the building society grew.

All this extra money will be invested back into the company - but it's up to his successor to decide what it will be used for.

Mr Garner said: "I decided now to be the right time horizon to hand over to a successor, because it puts us at the start of the next investment cycle and the runway for Debbie to make those decisions and see them through."

He joined Nationwide in April 2016 from BT Group, where he was chief executive of Openreach, and suggested a strategy started in started that year with helping to boost the building society's finances.

Mortgages grew by almost £29 billion in the last five years, including £7 billion last year. Deposits grew almost £32bn in five years, with almost £8bn of that happening in 2021.

"I’m thrilled that the society has been able to appoint such an accomplished successor and I have every confidence that Debbie will do a good job.

"Throughout my career I have always tried to emphasise the importance of humanity in what is sometimes a very commercial environment.

"I've always believed that if you stay true to people and focus on doing the right thing, then this does not conflict with the need to make profit."

Debbie Crosbie will be the first female chief executive in the building society’s 175-year history.

The 51-year-old has led the turnaround of the troubled bank TSB as its chief executive since May 2019.

Nationwide announced her appointment to CEO in December.  She said at the time: "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.”

Incoming chairman Kevin Parry added: "She brings significant banking experience combined with deep operational and technological knowledge.”