Edinburgh-based Virgin Money said on Tuesday that Lee Rochford is to “stand down” as chief financial officer (CFO) and as an executive director of the company.
Virgin Money said Rochford’s notice period will be 12 months starting from August 31, 2015 and he will remain under contract until August 31, 2016.
He will continue to receive his £475,000-a-year salary, pension of £71,250 and other benefits estimated at £7,121, but if Rochford takes a job with another organisation during this period, this remuneration would “cease or be reduced,” said Virgin Money.
Former RBS executive Rochford joined Virgin Money to lead it through its initial public offering (IPO) which was completed in November last year.
“Having achieved this objective, Lee and the company have agreed that now is the right time to develop his career outside Virgin Money,” said Virgin Money in a statement.
“As a result, Lee will step down as CFO and as an executive director of the company with immediate effect.”
At RBS, Rochford was head of the financial institution group for Europe, Middle East and Africa. He previously held roles at BNP Paribas, Credit Suisse and Wachovia Securities.
Virgin Money said Dave Dyer, currently its strategy director, and previously CFO of Virgin Money, will undertake the role of CFO for an interim period.
“Dave will be supported, as necessary, by Lee who remains available to the company until the end of his notice period,” said Virgin Money.
Virgin Money will now search for a permanent replacement for Rochford.
Virgin Money chief executive Jayne-Anne Gadhia said: “I have known Lee for many years, and together we achieved the successful listing of Virgin Money on the London Stock Exchange. Lee made an invaluable contribution to our IPO and to our first year as a listed business.”
Rochford said: “I am proud of what we have delivered together at Virgin Money in the past two years, and I have achieved what I set out to do when I joined the business. I am ready now for a new challenge outside of Virgin Money and I wish Jayne-Anne and all of the team every success for the future.”