Higgins hires new CFO

Higgins raids RBS to fill key board role at Tesco Bank

Declan HouricanTesco Bank CEO Benny Higgins has raided one of his former employers to fill the vacant role of chief financial officer.

He has hired Declan Hourican from Royal Bank of Scotland  to replace Peter Bole who is leaving to join Virgin Money in a £3 million pay and bonus package.

Details of Mr Hourican’s deal were not disclosed. He joins Tesco Bank after 14 years at RBS, latterly as chief finance and administrative officer in the restructuring division.

Mr Hourican, brother of former RBS investment banker John, was previously chief financial officer in the non-core division, and chief financial officer of the global restructuring group.

Mr Hourican is a graduate of University College Dublin and the Michael Smurfit Graduate School of Business, Dublin, and is a Fellow of the Institute of Chartered Accountants.

Benny Higgins, Tesco Bank chief executive, said Mr Hourican was filling a “critically important position”.

He added: “Declan has a proven track record of helping provide outstanding service for customers, and he will play an important role in helping Tesco Bank deliver its ambition to be the bank for people who shop at Tesco.”

Mr Hourican will take up the role on 3 October, when he will become a member of the Tesco Bank executive committee and board.

Mr Bole will continue in the CFO role until Declan joins. His appointment to Virgin was announced in Daily Business in January.

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