Coventry Building Society has named Steve Hughes as its new Chief Executive. Hughes, currently boss of Principality Building Society, is replacing Mark Parsons, who announced his retirement in October.

Hughes is a qualified management accountant with over 25 years’ finance experience across a range of industries including manufacturing, retail and insurance, including finance director of the Lloyds Banking Group general insurance business.

Hughes is also currently deputy chair of the Mortgages Product and Service Board of UK Finance, a trustee on the UK Board of Business in the Community, as well as chairman of the Wales Advisory Board for Business in the Community (BITC).

No dates have been confirmed for the transition.

Gary Hoffman, Chairman of Coventry Building Society said “Steve is a great fit for us. He has the same vision for the way financial services should work and is passionate about serving members, supporting colleagues and making a difference to broader society. He’ll bring great leadership, energy and experience to the Society and help deliver the ongoing change we need to stay relevant and successful.”

Steve Hughes said “Coventry Building Society’s success is based on a mission and a set of values that run through it like a stick of rock. I share these values, and I believe in the mutual model. This is why I am so excited to be joining the Society at a time of great change in the industry. I’m really looking forward to building on the work it does and ensuring we have a Building Society that is relevant for current and future members, customers and partners”

Principality’s Chief Risk Officer, Mike Jones, has been appointed as interim chief executive officer of Principality Building Society as part of the changes.

Laurie Adams, Chairman of Principality, said “While I’m sorry to see Steve move on, I’m also very grateful for all that he’s contributed to our organisation.”

“Under his leadership the society has grown to more than £10bn in assets, delivered consistently strong financial results and excellent customer service for the benefit of all our members. He leaves the business in great shape, with a strong executive team in place who will continue the excellent work of the last few years. A search for his permanent successor will now commence.”