Jonathan Spence has been appointed as chairman of the Cambridge Building Society.

This appointment follows the retirement of former chairman Ian O’Reilly.

Spence joined the Cambridge as a non-executive director in 2006 and has more than 30 years’ banking experience with senior positions in City investment banks. He chairs the Nominations Committee, is a member of the IT Transition and Remuneration Committees. He is also senior bursar of Queens’ College.

O’Reilly said: “Over the past eight years as chairman, the Cambridge has delivered record years of lending – in 2013 this positive trend was continued when we lent more than £200m to people wanting to buy or improve their homes. As a result our mortgage book grew by 8.3%.

“I am confident that the Cambridge will continue to deliver the changes needed to make it the most recommended financial brand in the East of England.”

Spence said: “In March the Cambridge was named Employer of the Year at the Cambridge News Excellence Awards and we also received a One Star Award from the national Best Companies scheme.

“These achievements help us to continue to attract the best staff to work at the Cambridge, which is key to our being able to deliver an excellent service for our customers. I intend to work hard alongside my fellow Directors and our staff to improve, strengthen and grow our Society.”