EBBIE Crosby today took the top position in the Nationwide Building Society, becoming responsible for the leadership of one of the most important financial institutions in the UK.
As the largest reciprocal owned by its members, Nationwide exists as a permanent counter balance to banks.
It says, with some evidence, that because it doesn’t have shareholders, it may offer better deals on savings and mortgages.
It is the second largest mortgage lender in the UK.
Crosby, 51, is currently the CEO of troubled TSB. Before that, she missed the top job at CYBG, now Virgin Money.
She became the first female CEO in Nationwide’s 175-year history, replacing Joe Garner after six years in charge.
His appointment is a blow to at least two internal candidates, Chief Product Officer Sarah Bennison and Mission Leader Paul Riseborough.
Incoming Chairman Kevin Parry said: “The Board is pleased that Debbie has agreed to join Nationwide as Chief Executive. After a thorough and rigorous selection process, she is an outstanding candidate to lead Nationwide. She brings significant banking experience combined with deep operational and technical know-how – core skills that are essential to running a modern manufacturing society. She is a strong advocate of reciprocity and the core purpose and social role of Nationwide. supports.
Her salary has not yet been disclosed, but will likely be in line with the £1.2 million paid to Garner.
Crosby said: “Nationwide’s reciprocal status, along with its trusted brands and market-leading customer service, make it a purposeful and unparalleled force for good.”
Nationwide has always resisted pressure, often led by banks, to float the stock market and offer “free” shares to members.
Rivals who went down that path, notably Bradford & Bingley and Alliance & Leicester, broke up.
Crosby is married with a teenage daughter.
Under Garner, the member count grew from two million to 16 million. It has £28 billion on its books and one in ten UK current accounts mortgaged.