John Maltby is joining the board initially as a non-executive director and subject to regulatory approval will succeed Mark Nicholls as chairman at the conclusion of the society’s 2021 annual general meeting in either June or July.
Mr Nicholls joined the board as chairman of the West Brom in 2010. He will step down as a director at the 2021 AGM.
Mr Maltby is currently chairman of Allica Bank, non-executive director of Nordea Bank and non-executive director and chairman of risk and capital committee for Simplyhealth.
He is also non-executive director for National Citizens Service Trust.
Julie Hopes, senior independent director and deputy chairman of the West Brom, said: “We are delighted that our external search process resulted in the selection of John Maltby as our next chair. He has a wealth of experience in the financial services sector and his expertise will be invaluable to the West Brom. The rest of the board and I would like to thank Mark for his unwavering service to the society as chair. We have benefited immensely from his wise counsel and guidance over the last 11 years as he has led the society’s board through its dramatic turnaround."
Mr Nicholls said: "I welcome John to the society and wish him and the West Brom every success. It has been a huge privilege to chair the West Brom. I will leave behind an excellent management team and board running a very special society with a clear purpose and a bright future.”
Mr Maltby said: "I am honoured to be asked to join the board and to become chair of the West Brom joining a mutual, focused on supporting the financial well-being of its members. I look forward to working with the whole team at the West Brom as the society continues its development as a purpose led building society developing and delivering products and services to meet its members’ needs."