Change at top of banks
Crosbie quits CYBG to take up CEO role at TSB
Debbie Crosbie: new challenge (pic: Terry Murden)
Debbie Crosbie is stepping down as group chief operating officer at Clydesdale Bank and Virgin Money owner CYBG to take over as CEO at TSB.
She will join RSB in 2019, and a confirmed start date will be announced in due course. The post was vacated when Paul Pester stepped down in the wake of TSB’s IT meltdown.
Ms Crosbie is understood to have been one of 30 candidates for the job and topped a shortlist of four. She is expected to double her salary when she takes over from interim CEO Richard Meddings who will continue in his role as executive chairman.
Mr Meddings said: “In an impressive field of candidates, Debbie stood out. With over two decades of experience, superb retail and SME banking expertise, and a genuinely open and engaging style of leadership, we have found an outstanding new CEO.”
Speaking about her new role, Ms Crosbie said: “The exciting thing about TSB is just how much potential the bank has to redefine banking to better serve customers and their changing financial needs.”
She will step down as executive director at CYBG with immediate effect but will remain in her role as COO for a period of time to facilitate an orderly handover with a leaving date to be agreed.
Fraser Ingram, currently innovation and change director, will be appointed to the role of COO in an interim capacity. A process to appoint Ms Crosbie’s successor is now under way.
Her departure was announced ahead of tomorrow’s first full year figures from CYBG since completing the merger with Virgin Money.
Jim Pettigrew, CYBG chairman said: “On behalf of the Board I should like to thank Debbie for her significant contribution over many years to the CYBG and Clydesdale Bank boards.
“Amongst Debbie’s many achievements has been the development of a highly capable team which will continue to support the delivery of the bank’s operational and strategic goals. We all wish Debbie the very best for the future.”
Chief executive David Duffy said: “Debbie has made a significant contribution to CYBG over more than 20 years with the group, including as interim chief executive officer of Clydesdale Bank prior to our demerger, and as an executive director and COO of the newly independent group following our IPO.
“In recent years Debbie’s leadership of our technology programme has created one of the UK’s leading banking platforms, enabling CYBG to transform the digital experience for our customers and put CYBG in prime position to succeed in the world of open banking – all of which has underpinned CYBG’s recent growth.
“We are disappointed to lose someone of Debbie’s calibre, and while the team and I will miss her personally, her new role is a great opportunity and we wish Debbie all the very best for the future. Debbie has built and led a strong and highly capable team and I look forward to working with Fraser Ingram whom I have appointed as interim group chief operating officer.”
CYBG legal action
Ahead of CYBG’s annual results tomorrow, the chairman of an action group pursuing legal action over loans to small business, issued a call for the bank to acknowledge the claim.
James Hayward, CEO of RGL Management, represents hundreds of SMEs in a claim that they suffered losses from tailored business loans between 2001 and 2012.
He said: “We are extremely confident about the legal merits of the case. This is especially so given the persistent failure of both defendants to disclose pertinent information requested repeatedly over a period of nearly a year as part of Pre-Action Protocol correspondence. Thousands of affected businesses will hope that tomorrow the bank acknowledges our claim.”
RGL is bringing the claim against Clydesdale and its former parent company National Australia Bank. On 29 October, RGL announced that it had engaged All Square Finance to help encourage hundreds more businesses to join the action.
Fraser Ingram joined the group in 2016 and is currently innovation and change director leading the CYBG’s transformation programme and creating the bank’s technology platform. Mr Ingram has held a number of significant, transformational, technology and operational roles in the UK, Europe and North America.
Prior to joining CYBG, he was the chief administration officer at Kleinwort Benson. He has been working in financial services since 1984 and had a successful career at RBS, with roles including CIO at Citizens Bank and managing director responsible for servicing the RBS and NatWest retail banks.
Mr Ingram holds a Master in Business Administration from Aston Business School and is a Fellow of the Chartered Institute of Bankers. He is a founding trustee of CUDECA, Spain’s first independent palliative care centre and hospice.