Stuart Bernau, currently an executive director at Nationwide Building Society, will succeed Trevor Harrison as chairman of Chelsea Building Society.
He will take up the new role on 1 August, subject to regulatory approval.
Harrison who is 70 this month, has been chairman of Chelsea, the UK’s sixth largest building society since the beginning of 2006.
Bernau, 57, has worked in financial services for 36 years and joined Nationwide Building Society in 1990. He has been a main board director at Nationwide for over 12 years and his responsibilities have included retail distribution, sales and marketing, commercial lending, treasury, communications and human resources. He has served as chairman of the Council of Mortgage Lenders and the Financial Services Sector Skills Council.
Harrison said: "It has been an honour to serve on the Board at Chelsea Building Society for the last 14 years, especially the last three and half in my capacity as chairman. I am delighted to be handing over to Stuart, who has a wealth of building society knowledge and experience at the highest level."
Bernau said: "I am delighted to take over the position of Chairman at Chelsea and on behalf of the Board and our members I would like to thank Trevor for his dedication, service and commitment to Chelsea. I am looking forward to working with my new colleagues, where together we will continue to build and enhance Chelsea’s reputation as a major UK building society committed to delivering value and exceptional service to members."