The last role for industry veteran Hayes was as chief executive of challenger lender GB Bank, where she led the start-up to receive its UK banking licence. GB Bank focuses on lending to property developers in the regions.

Prior to her time at GB Bank, she was responsible for retail finance business at Aldermore Bank and has held a number of senior customer and product roles in a career spanning more than 30 years with such lenders as Barclays and Santander.

David Marlow said: “Sue has a strong combination of the right values, skills and experience which will enable her to drive the society forward very effectively in a digital age.

“It’s fantastic to start the new year working together and throughout the first quarter of 2022 to ensure a smooth handover and seamless transition.”

Sue Hayes adds: “It will be fantastic to build on the society’s strong reputation of putting members first; its focus on innovation and reinvention; as well as being a great place to work.

“I’ll be spending the first few weeks transitioning into my new role and will certainly benefit from the overlapping time with David, seeking his valuable insights after 11 successful years as chief executive.”

The Nottingham chair Andrew Neden, says: “Sue was the outstanding individual from a very strong list of potential candidates.”

The building society adds that Hayes began her induction period this week and is expected to formally succeed Marlow when he steps down after the society’s 2021 annual results in March