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Nationwide CFO steps down as society announces strong annual results

Written by Peter Davison on .

Mark RennisonMark RennisonThe chief financial officer of Swindon-based building society Nationwide has revealed his intention to retire.

Mark Rennison, who has held the post for 12 years, will remain in post until a replacement is found.

Nationwide's chairman, David Roberts said: "The Board would like to thank Mark for his valuable contribution to the success of the Society for more than 12 years.

"He has balanced leading us through the most challenging external environment in memory whilst ensuring our finances are rigorously managed so that we can invest in the future and grow the business for our members.

"We are grateful that Mark will remain in role until a successor is appointed and we will be sorry to see him go."

Mark Rennison said: "It has been an honour to serve Nationwide for over a decade as Chief Financial Officer.

"The business is financially strong and growing. We are investing for the future as well as maintaining our strong capital position.

"There are exciting opportunities ahead as the Society builds from a position of underlying strength. I remain fully committed to the job until a successor is in place."

The news came as Nationwide published its financial results for the year ending April 4.

The firm highlighted record lending, strong deposit growth, and record membership, with one in five current account switchers joining Nationwide. Membership nw stands at 15.9 million, up from 15.5 million this time last year.

However, profits fell 19 percent to £788 million amid increased spending on digital banking services and competition in the mortgage market.

Chief executive Joe Garner, said: "2018/19 was a strong year for Nationwide. More people have chosen us for their mortgages, savings or current accounts.

"I believe that the combination of excellent service and great long-term value is driving our growth. We remain ahead of our peer group on service1 and trust. Our strong performance has meant we have provided extra value to members, with member financial benefit of £705m, well above our aim of at least £400m.

"During the year, we also announced a significant boost in our technology investment over five years to ensure we continue to excel on service.

"These were conscious decisions we were able to make as a building society. As we expected, they have had an impact on profits in the short term, but these choices are in the long-term interests of our members.

"We have also taken two other decisions to serve our members better. The first is a pledge to keep a branch in every town or city that has one currently for at least the next two years. And the second is to launch a current account for small businesses, offering everyday great service and value."