Steve Hughes, currently chief executive of Principality Building Society, is to be appointed as the Coventry Building Society’s next chief executive, pending regulatory approval.

He will take over from Mark Parsons who announced in October his intention to retire. No dates have been confirmed for the transition.

Gary Hoffman, chairman of the Coventry Building Society, said: “Steve is a great fit for us. He has the same vision for the way financial services should work and is passionate about serving members, supporting colleagues and making a difference to broader society.

“He’ll bring great leadership, energy and experience to the Society and help deliver the ongoing change we need to stay relevant and successful.”

Hughes (pictured) added: “Coventry Building Society’s success is based on a mission and a set of values that run through it like a stick of rock. I share these values, and I believe in the mutual model. This is why I am so excited to be joining the Society at a time of great change in the industry.

“I’m really looking forward to building on the work it does and ensuring we have a Building Society that is relevant for current and future members, customers and partners.”