Newport-based Monmouthshire Building Society has appointed a new chief executive, James Bawa, who will succeed Andrew Lewis when he retires later this year.

Mr Bawa is currently the chief executive of Teachers Building Society. He has substantial experience of the financial services sector, and building societies in particular, having previously worked as chief executive at Scottish Legal Life. Prior to that he held a number of senior management posts at LV, Friends Provident and NM Schroders.

Mr Bawa is a member of the Financial Conduct Authority’s Smaller Business Practitioner Panel and has previously sat on the Financial Service Authority’s Regulatory Decisions Committee for six years.

In his role as chief executive at Teachers, he has developed and implemented best practices to provide exceptional customer service and choice to customers. He is fully committed to mutuality and the benefits it offers to members.

Monmouthshire Building Society chairman Haydn Warman said: “We are delighted to appoint James as chief executive. With more than 35 years experience in the financial sector he is a well respected and successful chief executive. The board is confident that his strengths and considerable experience will enable him to build on Andrew’s achievements and lead the Monmouthshire to further success in the future.”

James said: “I look forward to building on the commendable legacy that Andrew will leave when he retires. The Monmouthshire is a strong, independent building society with a very loyal customer base. As a member owned organisation, it is important that the society continues its strategy of offering competitive products and first class customer service for the benefit of all current and future members. My commitment is to ensure that with assets now in excess of £1bn the Monmouthshire sustains its position as a growing and successful financial services business."