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Former RBS chief steps down

Mathewson hands over to Cornish at Shawbrook

George MathewsonSir George Mathewson has stepped down as chairman of challenger bank Shawbrook Group and is replaced as expected by former Yorkshire Building Society chief executive Iain Cornish.

Sir George, former chairman and chief executive of Royal Bank of Scotland, always planned to leave Shawbrook after steering it to a stock market listing earlier this year.

The shares rose strongly following their debut on 8 April at 290p valuing the company at £725m. On the first day of dealings they closed 16p, or 5.5p%, higher at 306p, and closed last Friday at 374.4p.

Mr Cornish is a founding member of the Prudential Regulation Authority board since its formation in 2013.  He is currently a senior independent director of Arrow Global Group and of St James’s Place. He spent 19 years at Yorkshire Building Society, including eight as chief executive between 2003 and 2011.

Shawbrook sharesRobin Ashton, senior independent director, said: “We are delighted that Iain is joining the board as Chairman, as he brings a wealth of experience and industry knowledge. We look forward to his contribution as Shawbrook continues its journey as a public company.  We would also like to publicly acknowledge Sir George’s contribution to the founding and growth of Shawbrook over the past four years.”

Mr Cornish, said: “I am honoured to become chairman of Shawbrook and to be joining the company following its successful IPO and at such an exciting stage in its development.”

He has no beneficial interests in the ordinary shares of the company.

 

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