Principality announces two key appointments

Amanda Jarvis

January 20, 2005

Two Key Appointments at Principality Board

Chris Rowlands, currently Executive Director at a FTSE 100 company, and Tracy Morshead, who previously held a Divisional Directorship at Nationwide Building Society, have been appointed to the Board of Principality Building Society, Wales' largest independent financial organisation.

Mr Rowlands, a Welshman who was brought up in Cardiff, brings to the Principality Board considerable experience having spent his entire career to date within the financial services industry and in the corporate finance division of Arthur Andersen.

In October 2002 Mr Rowlands returned to the 3i Group Plc, where he had previously worked for 12 years and currently holds the post of Executive Director managing 3is network across Europe and Asia.

Mr Rowlands launched his career at Barclays Bank plc, where he worked for 11 years progressing from Branch Trainee to Manager for corporate banking. In 1984, he joined the 3i Group plc where his success as Head of Birmingham office was reflected in his promotion in 1994 to Regional Director for the Midlands.

He then spent six years at Arthur Andersen, from 1996, helping to build the corporate finance business and rapidly moved up to Head of European Corporate Finance.

Mr Rowlands said: “I was delighted to join the Board of Principality as non-executive director, both because it plays to my strengths in the financial services industry and because I would like to be involved in such a prestigious Wales-based business. I also feel this position will broaden my own experience and skills significantly.”

Mr Tracy Morshead has been appointed Managing Director of the Retail Business at Principality Building Society. His appointment follows a career of more than 14 years in the financial services industry, with 12 of those spent in the building society sector.

Over the last 10 years he has fulfilled a number of key roles at Nationwide Building Society progressing from Head of Marketing in 1994 to Divisional Directorships between 1996-2004 including Marketing, Operations and Mortgages and Insurance.
Mr Morshead launched his career working with market research agencies and he then held several posts at Border Television and Grand Metropolitan. In 1990 he was appointed Marketing Director at IG Index plc (Financial Futures) and two years later moved to Birmingham Midshires Building Society to become Head of Marketing.

Mr Morshead said: “I am joining the Principality at an exciting moment in its development. With its commitment to an extensive branch network and a developing direct capacity it’s well positioned to take advantage of the empathy created between the Society and its membership.”

“I look forward to the challenges ahead, working with a talented team of people and I believe that I can move the Principality forward positively.”

Principality Building Society Chief Executive Peter Griffiths welcomed Mr Rowlands’ and Mr Morshead’s appointments.

Peter Griffiths said: “Chris has an impressive track record in his chosen field, with extensive experience in corporate finance covering businesses of all sizes. He joins an experienced board with a wide set of skills and his knowledge and personality will prove to be a great fit with the current team.

“Tracy is a commercially minded sales and marketing director with a proven record of achievement in developing marketing strategies, growing businesses and delivering strong bottom line performance within the regulated environment.

“A strategic thinker with demonstrable leadership skills, he has experience of product development, sales management and senior level Board responsibilities. He has also successfully managed teams ranging from specialist parts of the business to divisions in excess of 1000 employees.

“Their appointments are further evidence of our determination to seek highly competent individuals to achieve the challenging plans for the Principality.”

Mr Morshead is a Fellow of the Chartered Institute of Marketing and a Chartered Marketeer. He is married with three children and has a keen interest in sport including golf and horseracing over jumps. He also collects rare and antiquarian books including an 1840 Welsh/English dictionary.

Mr Rowlands is a Law graduate from the University of London. He is married with three children and now lives in the Vale of Glamorgan.

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