The Cambridge Building Society has announced the appointment of John Spence as its new chairman.

He has extensive experience in the banking and housing sectors and has also received an MBE, OBE and CBE for his services to the community, charity and business respectively.

Spence (pictured) spent 32-years in banking at Lloyd’s TSB, including overseeing a team of 30,000+ as its director of retail distribution. He was also director of policy co-ordination and risk.

He has also had non-executive director roles at HM Revenue & Customs and the Money Advice Service.

Peter Burrows, the Cambridge’s CEO, said: “I am delighted that John has joined us as chair, and look forward to working with him as The Cambridge embarks on the next phase of its journey as a thriving, independent, mutual business. Alongside his business acumen, John’s values and his desire to help people align with our own aspirations at The Cambridge.”

Spence added: “The Cambridge truly hold their members at the heart of what they do, and have a wonderfully rich history of helping people have a home. I’m honoured to join the team and look forward to helping guide and shape the next chapter of their history. I’ve already met the 190+ Cambridge team digitally, and can see why so many hold the society in such high regard.”