Source: Virgin Money
Virgin Money (the "Company") has today announced that it will further strengthen its Executive Team through two new appointments. The appointments reflect the significant progress the Company has made to date and the Board's desire to position Virgin Money strongly for the next important phase in its journey.
Since the acquisition of Northern Rock in January 2012, Virgin Money has experienced a period of unprecedented growth. It has opened over 1.7 million new customer accounts, seen strong growth in retail deposit balances and in mortgage lending, and maintained a strong liquidity position and robust capital ratios. Financial performance has been significantly improved and as announced in a recent trading update, Virgin Money has returned to profitable monthly trading with the Company expecting to report an annual underlying profit for 2013. The two new appointments reflect Virgin Money's ambitious plans for the future and a determination to build a better kind of bank, offering a full range of retail services to its customers.
Lee Rochford will join Virgin Money in October as Chief Financial Officer (CFO) and will also join the Board of Virgin Money Holdings (UK) Limited. Lee brings extensive experience of global financial markets to the team and has over 15 years experience at Executive level.
Lee joins the Company from Royal Bank of Scotland plc, where he was Head of the Financial Institution Group for Europe, the Middle East and Africa, having previously held senior roles at BNP Paribas, Credit Suisse and Wachovia Securities.
Finlay Williamson will remain with the business as Finance Director.
Michele Greene will join Virgin Money in October as Director of Banking.
Following the Company's announcement in January 2013 that it is launching its own Credit Card business, Michele will assume responsibility for its future development. She will also assume responsibility for the launch and growth of the Company's planned range of Current Accounts.
Michele joins Virgin Money from MBNA Limited, where she served as a member of the MBNA Board and has built significant experience in the development and growth of successful banking businesses.
Jayne-Anne Gadhia, Chief Executive Officer said:
"We have experienced unprecedented growth across the business. Financial performance has been significantly improved since the acquisition of Northern Rock and the Company has returned to profitability. We are now planning for the future as we continue on our quest to build a better kind of bank, offering a full range of retail financial services to our customers.
"I am delighted that Lee and Michele will be joining the Virgin Money Executive Team. Both are very important appointments and they represent another significant step for Virgin Money.
"Lee brings enormous experience of the financial markets and this will be critical to us in the coming years and Michele joins us as Director of Banking, with responsibility for Credit Cards and Current Accounts - two key markets for us as we continue to build the Virgin Money of the future.
"I look forward to working closely with both of them."