Tesco Bank’s chief financial officer Peter Bole has been headhunted to take up the same role at Virgin Money, though his contract means he will not be able to start for at least another 12 months.
Virgin has also poached senior executive Hugh Chater from RBS to become its new chief commercial officer.
Mr Bole has led the finance function at Tesco Bank since 2009. He was previously in the finance team at RBS and an investment director at Standard Life.
Virgin Money said: “He has extensive experience in UK retail banking, including the migration of Tesco Personal Finance from RBS. Given Peter’s contractual position at Tesco Bank, it is expected he will join Virgin Money as CFO in 2017, following which he will be appointed as an executive director.”
Mr Chater is currently director of the investment and private team at RBS retail banking . His garden leave will be of a more normal duration as he will join Virgin Money “by June 2016” .
Virgin said: “Hugh’s deep experience of retail banking includes 14 years at MBNA, where he became managing director of their UK Cards business.”
The current CFO Dave Dyer will remain in post until the handover then remain in a part-time advisory role.
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