Chief executive of the Principality Building Society, Steve Hughes, has quit with immediate effect to become chief executive of rival Coventry Building Society.
Mr Hughes joined the Cardiff-based mutual eight years ago and was previously group finance director before being appointed chief executive in March 2017.
The Coventry Building Society is the second biggest mutual in the UK in terms of group assets, with Principality ranked sixth.
Last year Mr Hughes received a total remuneration of £494,000.
The building society's chief risk officer Mike Jones, has been appointed by the board as interim chief executive officer with immediate effect.
He has more than 40 years’ experience in the finance industry and has been with Principality for more than 20 years and has been a board member for the past six years.
Principality’s chairman, Laurie Adams, said: “While I’m sorry to see Steve move on, I’m also very grateful for all that he’s contributed to our organisation.
"Under his leadership the society has grown to more than £10bn in assets, delivered consistently strong financial results and excellent customer service for the benefit of all our members.
"He leaves the business in great shape, with a strong executive team in place who will continue the excellent work of the last few years. A search for his permanent successor will now commence."
