Peter Davies, chairman of Principality, is to retire from the board on June 2006 and will be succeeded by the deputy chairman David Williams.
Davies has served as a non-executive director of the society since 1989 and has been chairman since 2000.
During his tenure, assets broke through the 4bn landmark and the society received the National Business Awards Business of the Year title for Wales and the West Country.
Peter Griffiths, chief executive of Principality, says: The societys staff and its customers are indebted to him for his outstanding leadership and dedication over the last 16 years.”
Under his stewardship the society has built a set of strong subsidiary businesses to support the core building society business and enhance the member dividend. The commercial lending division, the surveying team, Nemo Personal Finance and Peter Alan estate agency have all performed robustly.”
The challenge for any outgoing chairman is to leave the business in good heart and the board and executive team in good shape. His legacy will undoubtedly be a lasting one and we look to further build on the strong foundations he leaves behind.
David Williams is the incoming chairman of Principality following more than five years on the Principality board. He was previously chief executive of Bank of Wales, from April 1994 to August 2000 and has worked in the financial services sector for over forty years, having started his career with Midland Bank in North Wales. He was also a member of the Welsh Development Agency board for six years. Born in Denbigh, David now lives in Radyr, near Cardiff with his wife Pamela.
Griffiths adds: David, who has vast experience of the financial services sector, has established himself as an inspiring and trusted member of our board. We are delighted he is taking over the chairmanship and leading the society through the next set of ambitious changes we seek to deliver over the coming years.
Peter Davies joined the Principality board in 1989 and served as chairman since 2000. He remains chairman of Wales Fund Managers.
He was previously managing director of the Welsh based subsidiary of N.M. Rothschild & Sons and was also chair of the Council of University of Wales Swansea.
Now that he is retiring he is looking forward to devoting more time to his personal interests – and relaxing at home on the Gower Peninsular.