TSB names CYBG COO as new chief executive

The TSB has announced that Clydesdale and Yorkshire Bank chief operating officer Debbie Crosbie is to become its new CEO following the resignation of Paul Pester in the wake of the lender’s multiple IT meltdowns this year.

The news also means a reshuffle at the top of CYBG where she has worked for over twenty years.

TSB said Miss Crosbie will join its board in 2019 with a confirmed exact start date to be announced “in due course”.

Meanwhile, Richard Meddings will continue in his role as executive chairman, before returning to his previous position as non-executive chairman on Debbie’s arrival at TSB.

CYBG said Ms Crosbie will step down as executive director there with immediate effect but will remain in her role as COO for a period of time to facilitate an orderly handover with a leaving date to be agreed.

She will also step down as an executive director of companies within the CYBG Group including Clydesdale Bank PLC and Virgin Money plc with immediate effect.

Fraser Ingram, currently Innovation and change director, will be appointed to the role of COO in an interim capacity. A process to appoint Debbie’s successor will now commence.

TSB chairman Richard Meddings said: “When we began the search for a new CEO, we were looking for someone who shared our vision for TSB, who had a strong track record in financial services, and who would inspire TSB Partners to fulfil TSB’s true potential.

“In an impressive field of candidates, Debbie stood out. With over two decades of experience, superb retail and SME banking expertise, and a genuinely open and engaging style of leadership, we have found an outstanding new CEO.

“What’s more, Debbie brings a clear challenger mindset to TSB and she shares our vision for what a strong challenger bank can achieve for customers. I’m confident that Debbie will have great chemistry with the TSB Executive Team and together they will drive our ambition to become the leading challenger bank in the industry.

“Debbie’s appointment is another step forward against the three priorities we set out in September, namely: completing the work of putting things right for customers; achieving full functionality across all TSB products and services; and appointing the right CEO for the next chapter of TSB. As we look to the new year, TSB can now look forward with renewed ambition.”

Jim Pettigrew, CYBG Chairman, said: “On behalf of the Board I should like to thank Debbie for her significant contribution over many years to the CYBG and Clydesdale Bank Boards. Amongst Debbie’s many achievements has been the development of a highly capable team which will continue to support the delivery of the Bank’s operational and strategic goals. We all wish Debbie the very best for the future.”

CYBG chief executive officer David Duffy, said: “Debbie has made a significant contribution to CYBG over more than 20 years with the Group, including as interim Chief Executive Officer of Clydesdale Bank prior to our demerger, and as an Executive Director and COO of the newly independent Group following our IPO.”

“In recent years Debbie’s leadership of our technology programme has created one of the UK’s leading banking platforms, enabling CYBG to transform the digital experience for our customers and put CYBG in prime position to succeed in the world of Open Banking - all of which has underpinned CYBG’s recent growth.”

“We are disappointed to lose someone of Debbie’s calibre, and while the team and I will miss her personally, her new role is a great opportunity and we wish Debbie all the very best for the future. Debbie has built and led a strong and highly capable team and I look forward to working with Fraser Ingram whom I have appointed as interim Group Chief Operating Officer.”