Cambridge Building Society has appointed John Spence as its new chairman.

He joins after a 32-year career in banking at Lloyd’s TSB, where he rose to become a director of the firm in a variety of roles.

His time at the bank saw him lead a team of over 30,000 as director of retail distribution. As the lender’s director of policy co-ordination and risk, his role was to forge industry-wide relationships.

He replaces former chairman Jonathan Spence.

Cambridge Building Society, founded in 1850, is the UK’s 13th largest mutual with total assets of £1.6bn, according to its most recent 2019 annual report. The business made a post-tax profit of £2.8m in that financial year.

Cambridge chief executive Peter Burrows says: “I am delighted that John has joined us as chair, and look forward to working with him as The Cambridge embarks on the next phase of its journey as a thriving, independent, mutual business. Alongside his business acumen, John’s values and his desire to help people align with our own aspirations at The Cambridge.”

New chairman John Spence adds: “The Cambridge truly hold their members at the heart of what they do, and have a wonderfully rich history of helping people have a home. I’m honoured to join the team and look forward to helping guide and shape the next chapter of their history. I’ve already met the 190-plus Cambridge team digitally, and can see why so many hold the Society in such high regard.”