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Board Changes at Britannia

Mr Adam will be succeeded by Rodney Baker-Bates, who joined the Board in 2006. Mr Baker-Bates, a chartered accountant and Fellow of the Institute of Bankers, is a former chief executive of Prudential Financial Services and has held senior roles with the BBC, Midland Bank and Chase Manhattan bank.

Mr Baker-Bates commented: "I relish the opportunity to lead this business into the next chapter in its 152 year history. Over the years we have turned ourselves into a thoroughly modern members' organisation providing great value and service. We will continue our drive to be known as Britain’s best mutual."

Britannia also said that Gerald Gregory will not be seeking re-election to the Board this year. Mr Gregory, managing director of the Britannia Capital Investment Group since its creation six years ago, will be leaving the Group at the end of March. He has decided to make a lifestyle change and not continue in full time employment. He has been with Britannia for 19 years and joined the Board in 1999.

Britannia Group finance director Phil Lee will take over as managing director of the Capital Investment Group. Mr Lee, who joined the Board in 2002, will retain his responsibilities as group finance director while the Society recruits a successor.

Outgoing chairman Ian Adam commented: "I'll be very sorry to leave Britannia after ten years. During this time the Society has nearly trebled in size and made a number of immense achievements. I take great satisfaction in handing over an organisation that has made great strides in customer satisfaction and employee engagement. Rodney Baker-Bates is extremely well equipped to lead Britannia during a time of further challenges and opportunities."

Incoming chairman Rodney Baker-Bates said "Britannia’s near three million members owe a huge debt of gratitude to Ian Adam and Gerald Gregory. Their personal contributions have helped Britannia achieve an unprecedented period of growth and success."

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