Virgin money appoints chairman

by Gill Montia

Story link: Virgin money appoints chairman

Virgin Money has appointed Sir Brian Pitman, a former chief executive of Lloyds TSB, as chairman.

The 78-year-old is regarded as one of the UK’s most experienced bankers and was involved in Virgin’s attempt to acquire Northern Rock, prior to nationalisation.

The group has also made two non-executive appointments to the board: Colin Keogh, who spent 23 years with merchant bank Close Brothers before resigning as chief executive in 2008, and Norman McLuskie, a former executive director of Royal Bank of Scotland (RBS).

Virgin was also busy hiring earlier this month, with Finlay Williamson (also formerly of RBS) appointed chief financial officer; Ian Cornelius (once savings director of Bradford & Bingley) appointed banking director; and Marcus Ezekiel (HBOS’s one-time head of legal for retail) appointed commercial director.

The intense period of recruitment follows the group’s decision to buy private bank, Church House Trust, as a springboard for entry into the UK’s retail banking sector.

In addition to the acquisition, Virgin has recently formally registered an interest in acquiring Northern Rock’s retail deposits business and sound loans, following the latter’s split into a “good” and “bad” bank.