Virgin Money close to unveiling all-female leadership team

Rebecca Smith
Grazia Culture & Commerce Luncheon - Advertising Week Europe 2016 - Day 1
Virgin Money boss Jayne-Anne Gadhia led a government review into the representation of women in finance (Source: Getty)

Virgin Money is close to unveiling an all-female leadership team, with a former HSBC executive set to be named the bank's next chairman.

According to Sky News, Irene Dorner will be named as Glen Moreno's successor within the next few weeks, joining chief executive Jayne Anne-Gadhia as heading up Virgin Money.

Dorner was formerly the president, chief executive, and managing director of HSBC North America and HSBC USA, before retiring from her career at the bank spanning more than 30 years in 2014.

She is also a non-executive director at Rolls-Royce and insurer Axa.

Read more: Podcast: Virgin Money chief executive Jayne-Anne Gadhia

Virgin Money declined to comment to Sky News.

Gadhia has been a vocal proponent of gender diversity, within business and more specifically within financial services. She carried out a government-backed review into the representation of women in senior management in financial services published last year, leading to the Treasury's Women in Finance Charter.

It calls on financial services firms to implement four key actions, including setting internal targets for gender diversity in senior management, publishing progress annually against the targets, and ensuring that pay of the senior executive team is linked to delivery against the internal targets on gender diversity.

The organisations that sign up also commit to having a member of the senior executive team who is responsible for gender diversity and inclusion.

In July, the Treasury announced 25 new companies have signed up to the charter, taking the total number of firms involved to 141, including the likes of Citi and KPMG.

Today, Gadhia appeared before the Treasury Select Committee for a hearing on women in finance, saying the industry had improved and that closing the gap between men and women would help to make UK businesses more productive.

The hearing forms part of an investigation kicked off by the Treasury Select Committee earlier this month to understand why relatively few women occupy the top jobs in the City, and what progress has been made since the charter was established.

However, she said there was still "a long way to go" with regards to sexism in the City.

Read more: Sexism in the City: Jayne-Anne Gadhia tells MPs of "pervading sexism"

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