The Bradford-based society said that vice-chairman Ed Anderson, 55, will succeed Christopher Sheridan as chairman at the end of the year.

Mr Anderson is managing director of Leeds-Bradford international airport and a non-executive director of Kelda Group.

Richard Davey, 58, a senior independent director of Severn Trent Plc and former head of investment banking at NM Rothschild and Sons, will be vice-chairman.