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Davis to leave Nationwide

Nationwide chief executive Brian Davis has announced he will retire in December at the age of 56 after seven years with the society.

Retail operations director Philip Williamson has been appointed by the board to replace Davis, who Nationwide says has delivered £1.4bn back to members through lower mortgage and higher savings rates in the last five years.

Williamson will be replaced by divisional director Jim Willens while deputy chief executive Bernard Simpson has been appointed chief operating officer.

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