Franklin has worked at Coventry Building Society for 35 years and has been a member of the executive team since 2005.
In 2009 he was appointed to the board as sales and marketing director, a role that includes responsibility for the society's branch network and intermediary services.
Franklin replaces David Stewart whose intention to step down as chief executive was announced at the society's annual general meeting last year.
Franklin will take up his new role from 1 April.
