Principality’s Chairman, Dyfrig John, has announced that he will step down from the Board at the Society’s forthcoming Annual General Meeting on Thursday 17 April.
Mr John, former Deputy Chairman and Chief Executive of HSBC Bank plc, joined Wales’ largest building society as a non-executive director in July 2009 and later became Chairman during the Society’s 150th anniversary in 2010. Over the last few years Mr John has continued to drive the Society’s core principles of good value and outstanding service.
During his tenure, the Society has extended its distribution network, acquiring a number of agency counters to provide face-to-face financial services within more Welsh and border communities. Principality has also become the most recommended savings provider in Wales, attracting over 130,000 new customers since 2010 and growing its assets to become the 6th largest building society in the UK. Throughout this time the Society has also been committed to driving the housing agenda in Wales, creating new models for financing affordable housing and stimulating first time buyer activity through the development of mortgage products that help to tackle the deposit barrier.
Commenting on his departure, Dyfrig said: “I would like to express my thanks to all those at Principality, the Board, the management and staff who have worked together to build value for our Members. I also extend my thanks to all of our members, for their loyalty and valued support.
“I leave at a time when the financial system is more stable and economic indicators more positive. While we do not underestimate the challenges ahead, our balance sheet remains in good shape, with strong levels of capital and liquidity. We have recruited a strong and experienced board with the broad range of skills necessary to lead Principality to even greater success in the years ahead.”
Group CEO, Graeme Yorston, added “I would like to take this opportunity to thank Dyfrig for his support, particularly over the past year since taking over as Group Chief Executive. Dyfrig’s knowledge, experience and wise counsel have been incredibly valuable in what have been very testing economic times. We are better for Dyfrig’s stewardship over the last few years.”
The Principality Board has commenced a search for a successor.