City switch for CFO
Bole swaps Tesco Bank for Virgin Money in £3m deal
Peter Bole, chief financial officer at Tesco Bank is to join Virgin Money in the same role in a pay and bonus package worth more than £3 million.
Mr Bole has been in his current post since 2009 and previously held senior roles in the finance function of RBS. He was an investment director at Standard Life.
He has extensive experience in UK retail banking, including the migration of Tesco Personal Finance from RBS. He is expected he will join Virgin Money as CFO in 2017 when he will be appointed an executive director.
Mr Bole will be paid an annual base salary of £500,000. In addition he will receive pension contributions of 20% of base salary, life cover, permanent health insurance and private medical cover. He will be eligible to receive an annual bonus and an annual award under the Virgin Money Long Term Incentive Plan, which together will not exceed 200% of fixed pay.
He will also receive one-off awards to compensate for remuneration forfeited as a result of leaving his current employer’s share incentive arrangements. On joining he will receive an award of Virgin Money shares with a value of £653,873, which is not subject to performance conditions; and an award of Virgin Money shares with a value of £472,914, subject to Virgin Money performance conditions. Both of these awards will vest in line with Peter’s forfeited awards from his current employer.
He will also receive a one-off award to compensate for remuneration which he may forfeit in 2015/16 as a result of leaving his current employer, up to a maximum of £749,000. The final amount and terms of the award will be disclosed once awarded.
Virgin has also appointed Hugh Chater as chief commercial officer. He will be responsible for the full range of Virgin Money products, including credit cards. He spent 14 years at MBNA, where he became managing director of the UK Cards business. He is currently responsible for the commercial performance of core banking products and retail private banking at RBS.
Dave Dyer will remain as CFO until he hands over responsibilities to Peter, after which he will remain with the business in a part-time advisory role for a period of time.
There are no further changes to the Virgin Money executive team. Richard Hemsley and Michele Greene continue to report to chief executive Jayne-Anne Gadhia. Mr Hemsley will focus on the build out of operational capabilities and entry into the SME market and Ms Greene will lead new product development including current account and digital capability.
Glen Moreno, chairman of Virgin Money said: “After an extensive selection process I am delighted to announce that Peter Bole has been appointed as CFO of Virgin Money. He is an accomplished professional with first-class strategic financial management experience. I am very much looking forward to working with Peter as we continue to grow the business.”
Ms Gadhia said: “I am delighted to announce that Peter and Hugh will be joining the Virgin Money Executive Team. Their broad experience and knowledge of the financial services industry, including a strong customer focus in retail banking, will be invaluable to us as we continue to deliver on our strategy of delivering growth, quality and returns to all of our stakeholders. I am looking forward to working with them both.”