TSB chairman Richard Meddings has announced plans to step down from his position later this year.
Meddings, who became chairman in February 2018, will continue to lead the board while the search for a successor takes place.
Is chairman is not moving to another role, but already hold a number of non-executive roles beyond his TSB responsibilities including being a non-executive director at Credit Suisse, where he chairs the Audit Committee. He is also a member of the Risk, Governance & Nominations, and Conduct & Financial Crime Control Committees.
Meddings’ other current non-executive Board positions are at Teach First and HM Treasury. He also chairs the Hastings Educational Opportunity Area.
TSB said Meddings had made it clear he did not want to stay on a chairman for a full second term, but stayed on in light of last year’s merger talks involving Sabadell and a strategic review that could potentially involve the sale of TSB.
However, following Sabadell’s announcement last week that no sale process will be initiated in the near future, Meddings decided to step down.
TSB chief executive Debbie Crosbie said: “The whole bank will miss Richard greatly, but I am delighted he will continue to lead us as we search for a new chair.
“TSB will forever be indebted to Richard for stepping in to lead the business after migration and then, as Chairman, taking the right steps to get us to where we are now – a strong and growing bank with customers at its heart. On a personal level, I am hugely grateful to Richard for the close working relationship we have built, and his support and counsel through my first two years as CEO.”