Holloway Friendly has elected Martin Day as its new chairman.

Day’s election took place when previous incumbent, Ian Gardner, stepped down after a decade in the post.

Day (pictured), who joined the Holloway Friendly board in January 2010, had been a senior relationship manager and assistant area director for Lloyds TSB Corporate department until taking early retirement in 2006. He worked for Lloyds TSB for 37 years and now runs his own banking consultancy practice.

He will take up the role with immediate effect.

Previous chair Gardner joined the board of management in 1977 before becoming chief executive in 1993 and chairman upon retirement in 2003. He remains on the Holloway Friendly board.

Day said: “Holloway Friendly is the original friendly society with over 130 years of history and experience in providing income protection. As chairman I am in the privileged position to be able to help take the society forward, ensuring we continue to adhere to George Holloway’s original principles, whilst understanding the different needs that people face today, providing cover for as many people as possible.

“It is because we provide such specialist cover that we only ever sell through financial advisers so that people can be fully advised on the protection that they need.

“Our comprehensive levels of protection and high rates of payout are things that we are very proud of as we believe that income protection has a vital and growing role to play in the UK today.”