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Egg chief Gratton steps down

31 January 2006  |  5962 views  |  0 Mr Paul Gratton CEO Egg

Egg chief executive Paul Gratton is to step down from the UK Internet bank following the recent minority share buyback by parent group Prudential and proposed delisting.

Gratton's departure follows an unstable two-year period for the UK Internet bank following its disastrous move into France, subsequent retreat and consequent sale speculation culminating in a failed auction and ultimate buy-out by insurer Prudential.

Gratton, who will formally bow down on 20 February, says the new situation of the bank "presents an opportunity for Egg to have someone new at the helm".

Prudential has named Mark Nancarrow as chief executive and Kieran Coleman as chief financial officer.

Nancarrow, 45, became Egg's CFO in May 2005 having previously served as the Egg Group managing director of banking, from October 1999 and, since 2000, as Egg's chief operations officer. Prior to joining Egg in 1998, Nancarrow held senior positions at Midland Bank and Watson Wyatt Partners.

Coleman, 36, has been finance director of Egg since October 2004. Previously he was group financial controller and head of investor relations following Egg's IPO in 2000.

Nancarrow says of the opportunity: "There is huge potential for Egg and Prudential's UK businesses through greater collaboration, as Prudential builds its offering in retail financial services."

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