Swindon-based Nationwide Building Society has appointed Joe Garner, chief executive of BT subsidiary Openreach, to succeed Graham Beale as its chief executive.
Mr Garner, pictured, who has also worked for HSBC, is expected to take up his duties next spring. Mr Beale will, by then, have been in the role for nearly a decade. 
Nationwide, which has around 15m customers, said finding someone who understood the challenges of an increasingly digital market was a key consideration.
At HSBC Mr Garner steered the bank towards greater use of internet and phone banking as well as revamping nearly 1,000 branches. He was also responsible for Marks and Spencer Bank, First Direct and The John Lewis Partnership Card.
At Openreach, which he joined from HSBC at the start of last year, he heads an organisation with more than 30,000 employees responsible for installing and maintaining the communications infrastructure that links homes and business to their service provider’s network.
He has also worked in senior roles at consumer products group Procter & Gamble and in retailing at Dixons. Outside work, he is an enthusiastic triathlete and chairman of the British Triathlon Foundation Trust.
Nationwide, which employs around 17,000 people – 7,000 of them at its flagship Swindon HQ – said Mr Garner’s remuneration would be broadly comparable with Mr Beale’s, which last year was a package worth £2.39m, including a base salary of £875,000.
Mr Garner said: “Nationwide has a remarkable heritage, and the fact that as a mutual it is owned by its customers means that it is uniquely placed to lead and succeed in the next chapter of retail financial services in the UK. I look forward to listening and learning from members and employees alike, and I hope and plan to build upon the success of Graham Beale.”
Nationwide chairman David Roberts added: “Nationwide is the UK’s largest mutual building society and our vision is to be the stand-out retail financial services provider in the eyes of consumers.
“As a member-owned organisation, our sole focus is to deliver exceptional products and services to our members at every stage of their lives. Joe has an excellent track record in delivering outstanding service to customers across the financial services and retail sectors, and is a passionate advocate that financial services organisations should always put the customer first.
“Joe is an exceptional leader and is exactly the right person to lead the Society through the next chapter of its journey. I look forward to welcoming him to the business.”
Nationwide described Mr Beale’s commitment to the mutual financial services sector and his passion for the business and its members had been “unwavering”.
He had dedicated his entire career to ensuring that UK consumers had a viable and attractive alternative to the banks and had steered Nationwide through some of the most difficult economic conditions in living memory, strengthening and diversifying the UK’s retail financial services industry in the process.
He had overseen a substantial investment in Nationwide’s systems, processes, products and people over the past few years to make the society fit for whatever the future holds.
“All of this has been achieved against a backdrop of strong charitable support and a track record of good corporate citizenship – lending to first time buyers and supporting affordable housing for many,” said a spokesman.
