Yorkshire Bank chief executive announces departure

YORKSHIRE BANK chief executive David Thorburn is to leave to allow new leadership ahead of the proposed flotation.

Mr Thorburn was also chief executive of Clydesdale Bank, which together with Yorkshire Bank formed the UK banking division of National Australia Bank (NAB).

He said that a five-year commitment was required as NAB looks to exit the UK market, and decided that the time was right for him to leave. NAB has previously confirmed it was preparing a £2bn-plus floatation of Yorkshire and Clydesdale banks.

Mr Thornburn originally joined Clydesdale Bank as a graduate trainee in 1978 and became chief operating officer for Yorkshire Bank in 2004, before taking on the chief executive role in July 2011.

“I’m proud of the work my team and I have undertaken during my tenure as CEO, and I leave knowing that Clydesdale and Yorkshire banks are in much better shape,” he said.

“However, having been CEO for almost four years, I came to the view that it was in the best interests of the business for me to stand down at this time and allow an injection of new leadership to take place.

“I believe that the business requires a five year commitment from me, particularly as NAB looks at options to accelerate the exit from its UK Banking business and I felt this was a significant undertaking.”

Chairman Jim Pettigrew said David had led Clydesdale and Yorkshire Banks through a challenging period.

He said: “David successfully completed the UK strategic review in 2012, which was undertaken to identify the changes needed to deliver sustainable and satisfactory returns from the UK Banking business. As a result of David’s efforts, the UK Banking business is in much better shape, with the 2014 results showing improvement in a number of areas including asset quality and a lower risk loan book.”

Mr Thorburn will stay on “to ensure a smooth transition”, and the recruitment process to find a replacement is now underway.