He replaces Yorkshire Building Society chief executive Iain Cornish who has held the post for the past year.
Goodfellow, who has been chief executive and director of Skipton Building Society since 1991, says: “I am honoured to take the Chair for a second time, especially at such an important time for our industry.
“The building society movement has lasted over 230 years thanks to the core pillars of fairness for customers, prudence on behalf of customers and the trust of customers. I believe these are now more important than ever.”
Britannia Building Society chief executive Neville Richardson has taken over Goodfellow’s post as deputy chairman.