Britain's biggest building society Nationwide is hunting for a new chairman after Geoffrey Howe decided to retire after eight years in the role.
The customer-owned lender, which faces pressure from regulators to bolster its balance sheet, said Mr Howe will stand down at its annual meeting in the summer of 2015.
It has started searching for his replacement, and said it will consider its existing non-executive directors as well as external candidates.
The mortgage giant, which has around 15 million members, emerged largely unscathed from the financial crisis, but has encountered mounting pressure in recent months.
This summer the Prudential Regulation Authority (PRA) ordered Nationwide to draw up plans to plug a hole in its balance sheet by bolstering its leverage ratio.
The Nationwide's chief executive Graham Beale has criticised the measure as a "crude instrument which will be a constraint for low-risk lenders (and) too lenient for high-risk lenders".
However, the building society has been given vital breathing space by the regulator on meeting the tougher standard, with the PRA approving its capital-raising plans and giving it until the end of 2015 to increase its leverage ratio from 2%.
Nationwide has not been explicit about how it will bolster its capital levels, but its plans do not involve raising extra funds from investors. Nationwide is reportedly focusing on increasing its market share of current accounts instead.
Mr Howe, 64, the former chairman of Railtrack, joined Nationwide's board in January 2005 and became chairman in July 2007. He also a one-time head of international law firm Clifford Chance.