4th May 2020 13:45
(Alliance News) - Virgin Money UK PLC on Monday said it has promoted Deputy Chair David Bennett to the role of chair, replacing outgoing Jim Pettigrew, effective from Wednesday.
Bennett will also replace Pettigrew as chair of the bank's units Clydesdale Bank PLC and Virgin Money plc. Pettigrew in January confirmed his intention to retire as chair once a successor was found and following an orderly handover.
The challenger bank, which was formed following a merger of Clydesdale & Yorkshire Bank and Virgin Money, said Bennett's appointment as chair follows the completion of a "thorough search and selection process". Bennett has been deputy chair and a non-executive director of the company since October 2015 and senior independent director since January 2017.
Shares in Virgin Money were down 2.9% at 71.26 pence each in London on Monday afternoon.
The high street lender has been forced to halt its branch closure and job-cutting plans due to the UK government advise to banks and building societies to keep branches open wherever possible amid the coronavirus lockdown.
At the end of March, Virgin Money had said it would be pausing plans to axe around 500 jobs and shut or merge more than 50 branches across the UK due to the virus crisis.
The lender had been due to close 22 branches and consolidate another 30 while also rebranding the entire network as Virgin Money by October 2020.
By Tapan Panchal; [email protected]
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