Yorkshire and Clydesdale Bank chief exec quits before flotation
CLYDESDALE Bank chief executive David Thorburn is standing down after four years at the National Australia Bank (NAB) subsidiary, the bank said yesterday.
NAB is selling the Clydesdale and Yorkshire Banks, after poor performance in the UK. Last year, the group had to set aside £420m to pay for payment protection insurance (PPI) claims.
But recruiting a new boss will be an important target over the coming months, particularly if NAB hopes to float the lenders on the stock market.
“I’m proud of the work my team and I have undertaken during my tenure as CEO, and I leave knowing that Clydesdale and Yorkshire banks are in much better shape,” said Thorburn. “However, having been CEO for almost four years, I came to the view that it was in the best interests of the business for me to stand down at this time and allow an injection of new leadership to take place.”