Mutual's directors take on key roles at both banks
Nationwide Building Society has installed new boards at Virgin Money and Clydesdale Bank, selecting directors solely from its own leadership team.
The appointments, which take effect immediately, follows Nationwide’s statement in May outlining plans to implement a “simpler, more efficient governance structure” across its group entities.
Kevin Parry, chair of Nationwide’s board, has been named non-executive director, chairman, and chair of the governance and nomination committee for both Virgin Money and Clydesdale Bank. Tracey Graham assumes the position of senior independent director and chair of the remuneration committee, while Phil Rivett becomes non-executive director and chair of the audit committee.
“The board changes signify an important step in the bringing together of the Nationwide and Virgin Money businesses enabling the streamlining of decision making and governance across the combined group,” Parry (pictured right) said.
Other appointments include Alan Keir as non-executive director and chair of the risk committee. The boards will also include non-executive directors Debbie Klein, Tamara Rajah, Gillian Riley, Sally Orton, and Anand Aithal. Debbie Crosbie and Muir Mathieson join as executive directors, with Mathieson also serving as chief financial officer.
Chris Rhodes, chief executive of Virgin Money, will join Nationwide’s board as an executive director, in addition to his existing responsibilities at Virgin Money and Clydesdale Bank.
David Bennett will continue as a non-executive director on all three boards until Dec. 31, after which he will step down. Albert Hitchcock is also departing the Nationwide board, effective today.
Nationwide acquired Virgin Money last year in a £2.9 billion deal. The acquisition has positioned Nationwide as the UK’s second-largest provider of mortgages and savings accounts, with combined assets of approximately £336 billion and a lending portfolio of around £283 billion. Virgin Money, which had previously absorbed Clydesdale Bank and Yorkshire Bank under its brand, has since been undergoing a rebranding process.
Nationwide’s leadership has stated that the acquisition will enable greater investment in customer service and a broader product range, while maintaining a mutual ownership structure. In the immediate term, there are no planned changes to existing products or services for Virgin Money, Clydesdale, or Yorkshire Bank customers, and Nationwide has pledged to keep all branches open until at least 2028 .
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