Chief financial officer Peter Bole (pictured) is to leave Edinburgh-based Tesco Bank to do the same job at cross-town rival Virgin Money — and pick up a bumper remuneration package of up to £3 million.
Bole, though, will have an unusually long notice period of at least a year at Tesco Bank — and his move to the Virgin Money executive suite is subject to regulatory approval.
“Given Peter’s contractual position at Tesco Bank, it is expected he will join Virgin Money as CFO in 2017, following which he will be appointed as an executive director,” said Virgin Money in a statement.
Bole has worked at Tesco Bank since 2009 and previously held a senior role at RBS and worked as an investment director at Standard Life.
In its press release, Virgin Money gave full details of Bole’s remuneration package.
It said Bole will be paid an annual base salary of £500,000 and receive pension contributions of 20% of base salary, life cover, permanent health insurance and private medical cover.
It said Bole will be eligible to receive an annual bonus and an annual award under the Virgin Money Long Term Incentive Plan, which together will not exceed 200% of fixed pay.
Further, Bole will also receive one-off awards to “compensate for remuneration forfeited as a result of leaving his current employer’s share incentive arrangements.”
On joining Virgin Money, Bole will receive an award of Virgin Money shares with a value of £653,873, which is not subject to performance conditions, and an award of Virgin Money shares with a value of £472,914, subject to Virgin Money’s performances conditions.
“Both of these awards will vest in line with Peter’s forfeited awards from his current employer,” said Virgin Money.
Further, Bole will also receive “a one-off award to compensate for remuneration which he may forfeit in 2015/16 as a result of leaving his current employer, up to a maximum of £749,000.”
Virgin Money also announced that RBS executive Hugh Chater will join Virgin Money by June 2016 as chief commercial officer and will be responsible for the full range of Virgin Money products, including credit cards.
Virgin said Chater is “currently responsible for the commercial performance of core banking products and retail private banking at RBS.”
It said Chater’s experience of retail banking includes 14 years at MBNA, where he became managing director of its UK cards business.
Subject to regulatory approval, Bole and Chater will join the Virgin Money executive team and will report to chief executive Jayne-Anne Gadhia.
Dave Dyer will remain as CFO until he hands over responsibilities to Bole, after which he will remain with the business in a part-time advisory role.