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Sir John Kingman to be appointed Chairman of Tesco Bank

Sir John Kingman is to be appointed as the new Chairman of Tesco Bank, effective from 7 July 2020, following Graham Pimlott’s retirement from the role.  To help facilitate Graham’s retirement in the timeframe agreed, and to ensure a smooth transition ahead of Sir John’s appointment in July, the Bank’s Senior Independent Non-Executive Director, Jim Willens, has been appointed as Interim Chairman for a period of 12 weeks.

Graham joined the Tesco Bank Board in March 2008 and was appointed Chairman in February 2012.

Sir John joined the Tesco Bank Board in November 2019 and has considerable financial services experience from roles at HM Treasury, Legal & General, UK Financial Investments and Rothschild.

Graham Pimlott said:

“It has been a privilege to serve on the Board of Tesco Bank, particularly in my role as Chairman for the last eight years.  It has given me great pride to watch the organisation’s development and success as part of the Tesco group. Sir John has already made a significant contribution to the Board and I am delighted that he will succeed me.”

Sir John Kingman added:

“On behalf of the Board I would like to thank Graham for his contribution to Tesco Bank, and for his leadership and stewardship as Chairman. I have enjoyed working so closely with Graham since I joined the Board and I am delighted to accept the offer to succeed him. Tesco Bank has a very clear purpose, which is to help Tesco shoppers manage their money a little better every day.  I look forward to working with the Board, our Chief Executive Gerry Mallon, and the rest of the team to deliver this.”

Ends

Notes to Editors:

  1. Sir John will hold the role of Senior Independent Director during Jim Willens’s interim chairmanship, after which the role of Senior Independent Director will return to Jim.
  2. The appointments of Jim Willens as Interim Chairman, and Sir John Kingman as Chairman have been approved by the Tesco Bank Board and by the FCA and PRA.

For media enquiries please contact:

Stuart Taylor, Tesco Bank -           07841 192901
stuart.z.taylor@tescobank.com

Biographies:

Graham Pimlott has held non-executive director roles with Tesco, Hamerson, Provident Financial, Inchcape, Grosvenor Limited, and a number of private equity backed companies.  He was Chairman of Export Credit Guarantee Department for six years.  In his Executive career he was a Partner with Lovells (now Hogan Lovells), a corporate financier with Kleinwort Benson and BZW, and a Senior Executive of Barclays. Graham joined the Tesco Bank Board in March 2008, and was appointed Chairman in February 2012.

Sir John Kingman has considerable financial services experience gained as Second Permanent Secretary at HM Treasury and Chairman of Legal & General. Sir John was at the heart of the UK Government’s response to the financial crisis in 2008, handling the rescue of Northern Rock and leading negotiations with RBS, Lloyds and HBOS on their combined £37bn recapitalisation. He was also the first CEO of UK Financial Investments, the government body charged with managing the taxpayer’s banking interests.

From 2010-2012, Sir John was Global Co-Head of the Financial Institutions Group at Rothschild and became Chairman of Legal & General in 2016. In 2018, he was appointed to lead an independent review of the Financial Reporting Council, recommending its replacement by a new and strengthened Audit, Reporting and Governance Authority. In addition to his roles at Tesco Bank and Legal & General, he is Chair of UK Research and Innovation, Deputy Chair of the National Gallery, and a Trustee of Royal Opera House Covent Garden Foundation.

Sir John joined the Tesco Bank Board in November 2019.

Jim Willens has a career in retail financial services which spans in excess of 40 years, the majority of which was spent at Nationwide Building Society. Posts held included main board appointments as Retail Operations Director and Group Services Director at Nationwide, as well as the CEO role at both Dunfermline and Newcastle Building Societies.  Over the years Jim has gained experience from a wide range of appointments which have included strategic responsibility for Branches, Telephony, Internet Services, Information Technology, Product Development, Central Support Services and Life Company, and Unit Trust Management, at times leading teams in excess of 9,000 people. Throughout his career Jim has held a passion for developing the people he works with to provide excellent customer service.

Jim has previously held a number of other non-executive directorships. Jim joined the Tesco Bank Board in May 2017.

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