30th Jan 2020 09:20
(Alliance News) - Virgin Money UK PLC announced on Thursday the departure of finance chief Ian Smith, who is leaving to take up role with another company "overseas".
Virgin Money has started a process to find a successor, adding Smith will stay until after interim results are released. The lender, previously known as CYBG, is planning to release results for the six months to March on May 6.
"Ian has been our CFO since 2014 and has been a valued member of the board and my leadership team through the separation from National Australia Bank, transformation of CYBG following its initial public offering, and acquisition of Virgin Money," said Chief Executive David Duffy.
"Ian has played an instrumental role in creating the financial strength and discipline that will enable us to continue delivering our ambitious strategy. I thank Ian for his hard work and dedication during this period, and I wish him all the very best for the future," Duffy added.
Shares were 1.0% lower on Thursday in London at a price of 176.98 pence each.
Smith's departure follows Virgin Money last week saying Chair Jim Pettigrew is to leave in September 2021.
The UK challenger bank in November made the "difficult" decision to suspend dividend payments due to increased PPI provision after an "unprecedented surge" in the summer.
By George Collard; [email protected]
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