Mike Regnier, chief executive of the Yorkshire Building Society, has been elected as the chair of the Building Societies Association (BSA).
Regnier succeeds Stephen Mitcham, chief executive of the Cambridge Building Society, and will take up the role with immediate effect.
Regnier said: “I’m very pleased to be taking on the role of BSA Chair during this exciting yet challenging time.
“With a combined 25 million savers and borrowers, building societies have a crucial role to play in finding solutions for some of the very real challenges that people face.”
Regnier has held the post of deputy chair since May 2018, a role which Mark Bogard, chief executive of the Family Building Society has been elected.
Regnier continued: “We know that 86% of the general public want to own a home of their own but buying a home has become increasingly challenging for first-time-buyers, those who need a larger home for a growing family and older people alike.
“This is an active area of innovation amongst building societies already, with more to do.
“As building societies do the vast majority of their business in the UK, they’re insulated from many of the consequences of Brexit, but not from economic uncertainty or adverse consumer confidence.
“Clarity and resolution are much needed for businesses and consumers alike.”
This appointment comes as the term of office for the BSA chair and deputy chair was extended from 12 months to two years in May.