VIRGIN MONEY UK PLC
(Company or Virgin Money)
LEI: 213800ZK9VGCYYR6O495
6 February 2024
Directorate Change and Board Update
The Company announces that in line
with the Board Succession Plan, Geeta Gopalan, a Non-Executive
Director of the Company and Chair of the Risk Committee, will step
down from the Board on 30 June 2024 when she reaches her nine-year
tenure on the Board. Geeta joined the Board of Virgin Money
Holdings (UK) PLC (now Virgin Money Holdings (UK) Limited) in June
2015, subsequently joining Virgin Money's Board on 15 October
2018.
David Bennett, Board Chair said "On
behalf of the Board I would like to thank Geeta for her significant
contribution during her time on the Board, particularly as chair of
the Virgin Money Risk Committee since November 2019 and her support
in developing risk governance aligned to the higher expectations of
a tier 1 bank. We wish Geeta the very best for the
future."
The search process to select and
appoint a Chair Risk Committee successor is well
advanced.
David Bennett, Board Chair is
approaching the point in October 2024 when he will have served on
the Board for nine years including as Chair since May 2020. Led by
the Senior Independent Director, the Board has carried out a
careful assessment of David's contribution, independence and
performance as Board Chair and has concluded that his deep
experience gained over 40 years in the banking and financial
services industry, as well as his extensive governance expertise
and insight, continue to be of significant value to the Board and
are advantageous to the Board's decision making.
With the breadth of David's
experience in mind, and with the approval of the Prudential
Regulation Authority and Financial Conduct Authority, the Board
considers that it is appropriate for David to continue as Board
Chair in the near-term for a further period of up to two years to
October 2026. During this extended period David will continue to
play a critical role in leading the Board, to support Virgin Money
through the launch of the next phase of its strategy, ensuring the
Board and wider business continue to benefit from his knowledge of
the Company gained over the past eight years.
Announcement authorised for release
by Lorna McMillan, Group Company Secretary.
For further information, please
contact:
Investors and
Analysts
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Richard Smith
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07483 399303
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Head of Investor Relations &
Sustainability
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richard.smith@virginmoney.com
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Company
Secretary
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Lorna McMillan
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07834 585436
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Group Company Secretary
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lorna.mcmillan@virginmoney.com
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Media
Relations
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Press Office
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0800 066 5998
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press.office@virginmoney.com
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