BB. Bradford & Bing

    RNS Number : 5000B
  Bradford & Bingley PLC
  18 August 2008
   
                                                                                                                                      18
August 2008

    Bradford & Bingley Announces Appointment of New Chief Executive


    The Board of Bradford & Bingley plc is delighted to announce that Richard Pym has agreed to join the Board as Chief Executive with
immediate effect.

    Richard Pym retired as Group Chief Executive of Alliance & Leicester plc (A&L) in July 2007.  He joined A&L in 1992 as Group Finance
Director, and became Managing Director of Retail Banking in 2001 and Chief Executive in 2002. He was responsible for fundamental changes in
A&L's product and channel strategies, including the substantial development of internet capabilities.

    He is currently an independent non-executive director of Old Mutual plc, the international asset management group and non-executive
Chairman of BrightHouse Group Ltd, an investment of private equity firm Vision Capital.  He is also non-executive Chairman of Halfords Group
plc, the UK car parts, car accessories and cycle retailer, and will be standing down from this role in due course. He is a qualified
Chartered Accountant.

    Chairman of Bradford & Bingley, Rod Kent, said: "It has been a key priority for the Board to find a new Chief Executive, and we believe
that Richard Pym is ideal for the role."

    Richard Pym commented: "Bradford & Bingley has developed strong customer franchises in savings and lending and I am delighted to have
been invited to lead the business.  I look forward to working with the Board and executive team in building a successful future."

    Pursuant to Listing Rule 9.6.13 (1), details of directorships held by Mr Pym in Publicly quoted companies during the past five years are
set out below:

    Halfords Group plc (current)
    Old Mutual plc (current)
    Alliance & Leicester plc (ceased 2007)
    Selfridges plc (ceased 2003)

    Bradford & Bingley also confirms that there are no matters relating to Mr Pym that would require disclosure under Listing Rules 9.6.13
(2) to (6). Mr Pym does not currently have any beneficial interests in Bradford & Bingley shares.

    Notes to the Editors:

    1.   Bradford & Bingley is a leading provider of specialist residential mortgages all secured on 
      property and a wide range of savings products through a network of 337 branches or 
      branch-type agencies, by phone, post and on-line.

    2.   In June 2008 Steven Crawshaw, the previous Chief Executive, stepped down due to ill-
      health, and the non-executive Chairman, Rod Kent, became temporarily Executive 
      Chairman.

    3.   Richard Pym's service contract will have 12 months notice on either side, with a minimum 
      period of two years. His basic salary will be �750,000 p.a. He will participate in the 
      company's existing Executive Incentive Plan (EIP), which is awarded on both business and 
      individual performance.  The EIP consists of two parts, a cash bonus and Deferred Shares 
      and full details are set out in the Company's Report & Accounts. For the balance of 2008 
      and the first six months of 2009, he will be guaranteed a minimum cash award of 50% of 
      salary for each of these periods, plus deferred shares equal to the value of the cash award. 
      He will receive an initial one-off grant of share options at the current price to 2 times his 
      basic salary.


    ENDS



 Contacts:
 Investor Relations    Public Relations 
 Katherine Conway      Matthew Newton,
 +44 (0) 1274 554928   Finsbury
                       +44 (0) 20 7251 3801 

 Neil Vanham
 +44 (0) 1274 806341   Nickie Aiken
                       +44 (0) 20 7067 5645


This information is provided by RNS
The company news service from the London Stock Exchange
 
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