TIDMVMUK TIDM91XR
RNS Number : 4229B
Virgin Money UK PLC
30 January 2020
VIRGIN MONEY UK PLC
(Company)
LEI: 213800ZK9VGCYYR6O495
30 January 2020
Resignation of Ian Smith, CFO
Ian Smith has today informed the Board of the Company that he is
resigning as Group Chief Financial Officer (CFO) and Executive
Director to take up an external overseas opportunity.
As a result, the Board has begun a formal process to identify
and appoint a successor to Ian. Ian will remain in his role to
support an orderly transition until a date after the Group's
Interim Results to be agreed.
David Duffy, Group Chief Executive Officer, said: "Ian has been
our CFO since 2014 and has been a valued member of the Board and my
Leadership Team through the separation from National Australia
Bank, transformation of CYBG PLC following its IPO, and acquisition
of Virgin Money. Ian has played an instrumental role in creating
the financial strength and discipline that will enable us to
continue delivering our ambitious strategy. I thank Ian for his
hard work and dedication during this period, and I wish him all the
very best for the future."
Ian Smith, Group Chief Financial Officer, said: "I have hugely
enjoyed the last 5 years with CYBG and Virgin Money, working with
David, the Board and all of my colleagues to build a true disruptor
to the status quo in UK banking. While it was a very difficult
decision, I have been given a great opportunity to build the next
stage of my career overseas. I am pleased to leave the Group well
progressed through the integration programme and on track to
deliver all of the targets that were set out at the Capital Markets
Day. I look forward to seeing Virgin Money continue to prosper,
delivering unique and exciting propositions for customers and
creating value for shareholders."
Announcement authorised for release by Lorna McMillan, Group
Company Secretary.
For further information, please contact:
Investors and Analysts
Andrew Downey 07823 443 150
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Head of Investor Relations andrew.downey@virginmoneyukplc.com
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Company Secretary
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Lorna McMillan 07834 585 436
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Group Company Secretary lorna.mcmillan@virginmoneyukplc.com
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Media Relations
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Powerscourt
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Victoria Palmer-Moore +44 7725 565 545
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Andy Smith +44 7872 604 889
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Press Office 0800 066 5998
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press.office@virginmoneyukplc.com
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The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation No 596/2014. Upon the publication of
this announcement via Regulatory Information Service, this inside
information is now considered to be in the public domain.
Forward looking statements
The information in this document may include forward-looking
statements, which are based on assumptions, expectations,
valuations, targets, estimates, forecasts and projections about
future events. These can be identified by the use of words such as
'expects', 'aims', 'targets', 'seeks', 'anticipates', 'plans',
'intends', 'prospects', 'outlooks', 'projects', 'forecasts',
'believes', 'estimates', 'potential', 'possible', and similar words
or phrases. These forward-looking statements, as well as those
included in any other material discussed at any presentation, are
subject to risks, uncertainties and assumptions about the Group and
its securities, investments and the environment in which it
operates, including, among other things, the development of its
business and strategy, any acquisitions, combinations, disposals or
other corporate activity undertaken by the Group (including but not
limited to the integration of the business of Virgin Money Holdings
(UK) plc and its subsidiaries into the Group), trends in its
operating industry, changes to customer behaviours and covenant,
macroeconomic and/or geopolitical factors, changes to its Board
and/or employee composition, exposures to terrorist activity, IT
system failures, cybercrime, fraud and pension scheme liabilities,
changes to law and/or the policies and practices of the Bank of
England (BoE), the FCA and/or other regulatory and governmental
bodies, inflation, deflation, interest rates, exchange rates,
changes in the liquidity, capital, funding and/or asset position
and/or credit ratings of the Group, future capital expenditures and
acquisitions, the repercussions of the UK's referendum vote to
leave the European Union (EU), the UK's exit from the EU (including
any change to the UK's currency), Eurozone instability, and any
referendum on Scottish independence.
In light of these risks, uncertainties and assumptions, the
events in the forward-looking statements may not occur.
Forward-looking statements involve inherent risks and
uncertainties. Other events not taken into account may occur and
may significantly affect the analysis of the forward-looking
statements. No member of the Group or their respective Directors,
officers, employees, agents, advisers or affiliates gives any
assurance that any such projections or estimates will be realised
or that actual returns or other results will not be materially
lower than those set out in this document and/or discussed at any
presentation. All forward-looking statements should be viewed as
hypothetical. No representation or warranty is made that any
forward-looking statement will come to pass. No member of the Group
or their respective Directors, officers, employees, agents,
advisers or affiliates undertakes any obligation to update or
revise any such forward-looking statement following the publication
of this document nor accepts any responsibility, liability or duty
of care whatsoever for (whether in contract, tort or otherwise) or
makes any representation or warranty, express or implied, as to the
truth, fullness, fairness, merchantability, accuracy, sufficiency
or completeness of, the information in this document.
The information, statements and opinions contained in this
document do not constitute or form part of, and should not be
construed as, any public offer under any applicable legislation or
an offer to sell or solicitation of any offer to buy any securities
or financial instruments or any advice or recommendation with
respect to such securities or other financial instruments. The
distribution of this document in certain jurisdictions may be
restricted by law. Recipients are required by the Group to inform
themselves about and to observe any such restrictions. No liability
to any person is accepted in relation to the distribution or
possession of this document in any jurisdiction. The information,
statements and opinions contained in this document and the
materials used in and/ or discussed at, any presentation are
subject to change.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
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contact rns@lseg.com or visit www.rns.com.
END
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January 30, 2020 03:52 ET (08:52 GMT)
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