New chairman announced at Virgin Money

Virgin Money has today confirmed the appointment of David Bennett as its new chairman.

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

The appointment follows the announcement on 24 January 2020 that, Jim Pettigrew, had confirmed his intention to step down from the role of chairman once a successor was found and following an orderly handover.

Bennett will become chair of the Board of Directors and chair of the Governance and Nomination Committee of the company on 6 May 2020 following Pettigrew’s retirement on 5 May 2020.

Pettigrew will remain available in an advisory capacity to Bennett for a period. Upon becoming chair of the Board, Pettigrew will cease to be a member of the Risk Committee and of the Audit Committee.

Pettigrew said: “Having now established Virgin Money UK PLC as a fully combined business and with a refreshed strategy in place, it is now the right time to let the succession process move forward and for the Board and company to take the next steps in its evolution under a new chairman.

“I am delighted David has been appointed, having so ably served as my deputy and senior independent director.

“I know I leave the Board and company in very capable hands and wish David and the company every success for the future.”

David Duffy, chief executive officer of Virgin Money, said: “I am very pleased that someone with David’s extensive banking experience and deep understanding of our business will succeed Jim as chairman.

“I look forward to working with David as we support our customers, colleagues and communities through the current situation and in time return to executing our strategy and our ambition to disrupt the status quo. 

“I would like to thank Jim for his tremendous leadership of the Board and stewardship of the business and for the support he has provided to me, the Board and executive team during that time. We all wish him well for the future.”

Bennett said: “I am delighted to be appointed as Virgin Money UK PLC chairman.

“Having served on the Board since 2015 I have seen close hand this business transform markedly and I know we are well placed to navigate through the current environment.

“I look forward to working with the Board and executive team as we continue on our exciting journey ahead. 

“I would also like to express my thanks to Jim for his leadership of the Board and wish him all the best for the future.”

Pettigrew also steps down from his Clydesdale Bank and Virgin Money roles also on 5 May 2020.

Bennett will also become chair of Clydesdale Bank and Virgin Money and of their Governance and Nomination Committees on 6 May 2020.

Tim Wade will be become interim senior independent director, subject to regulatory approval, with effect from 6 May 2020 until a permanent successor is appointed.

Wade has been a non-executive director of the company since September 2016 and became chair of the Audit Committee in November 2016.

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