Principality Building Society Principality CEO resigns to move to new role (3077V)

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RNS Number : 3077V

Principality Building Society

02 December 2019

Under embargo until 230pm 2(nd) December 2019

Principality Chief Executive resigns to take up new role

Principality Building Society has today announced that their Chief Executive Officer Steve Hughes has resigned after accepting an offer to become Chief Executive Officer at Coventry Building Society.

Principality's Chief Risk Officer, Mike Jones, has been appointed by the Board as Interim Chief Executive Officer with immediate effect. Mike has more than 40 years' experience in the finance industry and has been with Principality for more than 20 years and has been a Board member for the past six years.

Mr Hughes joined Principality eight years ago and was previously Group Finance Director before becoming Chief Executive Officer in March 2017.

Principality's Chairman, Laurie Adams, said: "While I'm sorry to see Steve move on, I'm also very grateful for all that he's contributed to our organisation. Under his leadership the Society has grown to more than GBP10bn in assets, delivered consistently strong financial results and excellent customer service for the benefit of all our Members. He leaves the business in great shape, with a strong executive team in place who will continue the excellent work of the last few years. A search for his permanent successor will now commence."

ENDS

Notes to Editors

   --      Formed in 1860, Principality is Wales's largest building society. 

-- The Society is committed to supporting the communities of Wales, with 53 branches and 17 agencies in Wales and the borders.

   --      Principality is the 6th largest building society in the UK. 
   --      The Society has assets of over GBP10 billion. 
   --      Principality is committed to remaining a mutual organisation. 
   --      www.principality.co.uk 

For more information please contact:

Jamie Pike,

Corporate Affairs Manager, Principality Building Society

[e-mail]

02920 773812

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December 02, 2019 09:30 ET (14:30 GMT)