Sunday 14 July 2019 11:15 pm

Revolut 'to appoint Martin Gilbert as chairman in next few weeks'

Revolut is reportedly gearing up to appoint Martin Gilbert as its first ever chairman in a bid to strengthen governance and improve investor sentiment ahead of an upcoming fundraising.

Gilbert, a former co-chief executive of Standard Life Aberdeen (SLA), was first confirmed as an adviser to chief Nikolay Storonsky in March.

Read more: Revolut fights back: Nik Storonsky on negative press, growing pains and what’s next

Two sources told the Financial Times he will be appointed to the digital bank’s board in the next few weeks.

Gilbert has previously faced accusations of taking on too many jobs at the same time. He remains vice-chairman of SLA and a senior independent director at natural resources giant Glencore. 

Furthermore he recently joined the advisory board of Tennor Holding, German entrepreneur Lars Windhorst’s holding company.

The move follows a difficult time for Revolut, after it faced increased regulatory scrutiny this year in the wake of reports about a toxic workplace culture and the temporary suspension of a sanctions screening system.

Storonsky said his firm “hasn’t always got things right” in an open letter in March, after fresh allegations emerged of a toxic culture at the firm.

Read more: Fintech firm Revolut leads list of UK’s top 100 startups of 2019

Former Revolut employees at both senior and junior levels had described an environment of unpaid work, unachievable targets and high-staff turnover.

The digital bank has grown rapidly since its inception in 2015, now with nearly 6m customers and a full Eurozone banking license. 

Revolut was not immediately available for comment.

Main image: Getty