Virgin Money seeks chairman to succeed Pettigrew

Jim Pettigrew

Shares of Virgin Money UK, the owner of Clydesdale and Yorkshire banks, rose about 7% on Friday after it announced more details on its board succession plan.

Virgin Money UK, formerly called CYBG, said Jim Pettigrew plans to retire as chairman by September 2021 and that it has initiated a search process to find his successor.

“The company announces that, in line with the Board Succession Plan and good corporate governance practice, Jim Pettigrew plans to retire as Chairman by September 2021 when he will have served 9 years on the Board,” said Virgin Money UK.

“The board has therefore initiated a search process to allow time to identify his successor and enable an orderly handover.”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.