Bank board change

Bennett steps up as chairman of Virgin Money

David Bennett: ‘we are well-placed to navigate the current environment’

Virgin Money has announced that current deputy chairman David Bennett will succeed retiring chairman Jim Pettigrew who announced in January his intention to step down.

Mr Bennett has been deputy chairman and a non-executive director of the company since October 2015, and senior independent director since January 2017.

He will become chairman of the board and of the governance and nomination committee on 6 May following the retirement of Mr Pettigrew who will remain available in an advisory capacity to Mr Bennett for a period.

Mr Pettigrew said: “Having now established Virgin Money as a fully combined business with a refreshed strategy in place, it is now the right time to let the succession process move forward.”

Mr Bennett said: “I have seen close hand this business transform markedly and I know we are well-placed to navigate through the current environment.”

Tim Wade will be become interim senior independent director, subject to regulatory approval until a permanent successor is appointed.

David Bennett

David Bennett was group finance director of Alliance & Leicester for six years before becoming its group chief executive. Following the acquisition of the bank by Banco Santander he was appointed executive director of the board of Abbey National.

He was formerly chairman of Homeserve Membership and Together Financial Services and has non-executive director experience in a listed environment which has included Bank of Ireland (UK), easyJet and CMC Markets.

He is currently chairman of Ashmore Group and a non-executive director, chairman of the audit committee and chairman of the risk committee at PayPal (Europe).

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