Fairey will officially step down from his role at the bank’s 2017 Annual General Meeting after choosing to gradually “scale down” his business commitments.
Fairey joined the group, which includes brands Kent Reliance and Interbay, in April 2014, before leading the company through its initial public offering in the same year.
OSB said its Board Nominations and Governance Committee will now look to recruit Fairey’s replacement “who can lead the company into its next stage of growth and development”.
Morgan will leave his post at the end of this year to focus on other business interests. He joined the bank as it launched in 2011.
OSB chief executive, Andy Golding, said: “I would like to thank Mike and David for the enormous contributions they have made to the success of OneSavings Bank. David has been on the board since OSB was created and has been a huge strategic influence on the Bank’s journey. Mike led the board through our IPO and has helped the Bank grow and establish itself as a FTSE250 company. They will both be missed and I wish them both well in the future.”
Recent figures published by the lender showed it posted a pre-tax profit of £64.4m in the first half of 2016, adding that it felt well-positioned in the “current uncertain economic climate”.