Virgin Money kicks off search for new chairman after re-brand
24 January 2020, 10:14
Jim Pettigrew is set to step down in September 2021.
Virgin Money has kicked off the hunt for a new chairman after a major re-branding effort following its takeover by CYBG.
Jim Pettigrew, a veteran of the City, will step down from the role in September 2021, the business announced on Friday.
“The board has therefore initiated a search process to allow time to identify his successor and enable an orderly handover,” it said in a short statement to investors.
It will mean that Mr Pettigrew will have served for nine years on the board, ensuring he does not fall foul of official guidance on how board tenures.
It also allows Mr Pettigrew time to round off a major transformation, which started in 2018 when Virgin Money was bought by CYBG, the company behind Clydesdale and Yorkshire Bank.
In October the business started re-branding, to bring all of its services under the well-known Virgin brand.
This year the Clydesdale and Yorkshire banks will be changing their logos to Virgin, and Virgin Money will launch a business current account.
The B digital banking service already changed its name to Virgin Money last year.
Chief executive David Duffy last year said: “With all of our six million customers under one single banking licence, we can now offer a full suite of products, excellent customer service ethos and technology know-how across the combined business.”
Mr Pettigrew, a chartered accountant, joined the company in September 2012, before becoming chairman in 2014. The Scotsman has served as chief executive of CMC Markets, and sat on the boards of several major companies, including stints as the chairman of the Edinburgh Investment Trust, Miton Group and RBC Europe Limited.
He was paid £410,000 by the bank last year.