Tesco Bank appoints Sir John Kingman as chairman

Former UK Treasury official Sir John Kingman has been appointed as the new chairman of Edinburgh-based Tesco Bank.

Tesco Bank appoints Sir John Kingman as chairman

Sir John Kingman

Sir John Kingman has considerable financial services experience gained as second permanent secretary at HM Treasury and chairman of Legal & General.

He was at the heart of the UK Government’s response to the financial crisis in 2008, handling the rescue of Northern Rock and leading negotiations with RBS, Lloyds and HBOS on their combined £37bn recapitalisation.

Sir John Kingman was also the first CEO of UK Financial Investments, the government body charged with managing the taxpayer’s banking interests.

From 2010-2012, Sir John was global co-head of the Financial Institutions Group at Rothschild and became chairman of Legal & General in 2016.

In 2018, he was appointed to lead an independent review of the Financial Reporting Council, recommending its replacement by a new and strengthened Audit, Reporting and Governance Authority.

In addition to his roles at Tesco Bank and Legal & General, he is chair of UK Research and Innovation, deputy chair of the National Gallery, and a Trustee of Royal Opera House Covent Garden Foundation.

Mr Kingman will take up his new role on July 7 2020, following Graham Pimlott’s retirement from the role.

Graham Pimlott said: “It has been a privilege to serve on the Board of Tesco Bank, particularly in my role as Chairman for the last eight years. It has given me great pride to watch the organisation’s development and success as part of the Tesco group. Sir John has already made a significant contribution to the Board and I am delighted that he will succeed me.”

Sir John Kingman added: “On behalf of the Board I would like to thank Graham for his contribution to Tesco Bank, and for his leadership and stewardship as Chairman. I have enjoyed working so closely with Graham since I joined the Board and I am delighted to accept the offer to succeed him.

“I look forward to working with the board, our chief executive Gerry Mallon, and the rest of the team to deliver this.”

To help facilitate Graham’s retirement in the timeframe agreed, and to ensure a smooth transition ahead of Sir John’s appointment in July, the bank’s senior independent non-executive director, Jim Willens, has been appointed as interim chairman for a period of 12 weeks.

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