DORSET-based mutual Teachers’ Building Society has a new chairman.
Roy Spragg was confirmed in the post at the society’s AGM.
He takes over from Kevin Richardson, who has retired after four years as chairman and another six on the society’s board of directors.
Mr Spragg joined the board in 2009 and has had a long career in financial services, including finance director posts as Lloyds TSB and Liverpool Victoria, now LV.
Mr Spragg said: “I believe that Teachers’ has a unique role to play in the provision of financial products aimed pri-marily at teachers and Wessex resi-dents and I am confident that we will achieve our plans for growth over the coming years.
“I take over the reins after a record year for mortgage lending and I’d like to take this opportunity to thank Kevin Richardson for his decade of service at the society.”
The society, founded in 1966 by the National Union of Teachers, has reported an increase in lending and profit in 2013.
It has declared its determination to remain an independent mutual.
Mr Spragg added: “The team at Teachers’ Building Society provides a level of service that has dis-appeared from many similar organisations and I aim to ensure that this continues as we grow.”
The AGM also selected Angela Evans, who joined in July 2013, as finance and operations director, and re-elected chief executive James Bawa and non-executive director Martin Reed.
The society has been based in Wimborne since 1976. Its savings accounts are open to all but its mortgages are available to people working in education nationwide and to residents of Hampshire, Dorset and Wiltshire.
It was named Best Local Building Society at the What Mortgage Awards three years running, from 2011-13, and won an award for Excellence in Treating Customers Fairly at the Mortgage finance Gazette Awards in 2012.