Tandem chief executive to retire with the bank due to launch within months

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Co-founder Ricky Knox becomes the bank's chief executive with immediate effect (Source: Tandem)

Peter Herbert is to step down as chief executive of digital bank Tandem with the challenger due to finally launch inside the next few months.

Herbert will retire in the next few weeks, with deputy chief executive and co-founder Ricky Knox stepping up to replace him.

Banking veteran Herbert only joined the start-up 15 months ago, bringing a wealth of experience after 30 years at Barclays and almost a decade at GE.

A Tandem spokesman told City A.M. that the bank remains on track to launch in the first half of 2017, but was unable to provide more detail on timing.

Read More: Tandem is go: Another digital challenger bank has opened its doors

Knox steps up with immediate effect.

Tandem chairman and co-founder Matt Cooper said: “We thank Peter Herbert for all his work in leading Tandem to where we are today.

“Over the past 15 months he has helped build a robust business foundation and helped to shape the diverse and exceptionally talented teams now working to deliver a truly new and exciting bank.”

Read More: This is the latest challenger bank

The app-only challenger received its banking licence in 2015, and is currently piloting products with a 10,000 strong community of investors and other supporters ahead of the full launch.

Knox said: “Two years on from the seed of an idea and a year after gaining our banking licence, I am delighted to be taking on the responsibility of leading the bank as we approach our launch. This is the next step along what has been a great journey.

“As we grow into a full-service bank in 2017, we will continually listen to the needs of our customers and help them realise a better life with their money.”

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