Nationwide Building Society, Britain’s second-biggest provider of home loans, said this morning it has appointed Debbie Crosbie as its new chief executive officer.
Crosbie, who is currently the chief exec of Spain’s Sabadell’s TSB unit, will take over from Joe Garner in the new year.
She will be the group’s first female executive director, Nationwide said.
“She brings significant banking experience combined with deep operational and technological knowledge,” said Kevin Parry, Nationwide’s chair-elect, who led the process.
Long-standing boss Joe Garner announced he intended to step down from the role in September after nearly six years.
The lender managed to grow profits throughout the pandemic, boosted by the country’s housing market and low provisions for bad loans as it does not lend to businesses.
“Nationwide’s mutual status, combined with its trusted brand and market-leading customer service, make it a purposeful and unique force for good,” Crosbie said.
Crosbie has been chief executive of TSB since 2019. She will arrive at Nationwide after a strong half-year results for the building society, boosted by continued demand for mortgages and a broader economic recovery.
Pre-tax profit for the six months to September was £850m, almost triple the amount for the same period in 2020, reported the FT.
Robin Bulloch, chief customer officer, has been appointed interim chief exec, subject to regulatory approval, leading TSB with immediate effect.
Nick Prettejohn, TSB Chair: “We are grateful to Debbie for her outstanding contribution to TSB and wish her well for the future. She leaves TSB on a strong footing and I’m delighted that Robin Bulloch, who has significant retail banking experience at the highest level, has agreed to lead the business until such time as a permanent appointment is made.”