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Virgin Money makes changes at the top

Virgin Money makes changes at the top

Virgin Money has made two new appointments to its senior executive team.

Following a market search, the company announced the appointment of Peter Bole as chief financial officer.

He is currently chief financial officer at Tesco Bank, having led the finance function since 2009.

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Mr Bole previously held senior roles at the Royal Bank of Scotland and as an investment director at Standard Life.

He is expected to join Virgin Money as chief financial officer in 2017 due to his contractual obligations at Tesco Bank, and will also be appointed as an executive director.

Meanwhile, Hugh Chater will join Virgin Money by June 2016 as chief commercial officer, responsible for the full range of Virgin Money products, including credit cards.

He previously spent 14 years at MBNA, becoming managing director of their UK cards business.

Mr Chater is currently responsible for the commercial performance of core banking products and retail private banking at RBS.

Both positions are subject to regulatory approval, following which Mr Bole and Mr Chater will join Virgin Money’s executive team and report to chief executive Jayne-Anne Gadhia.

Dave Dyer will remain as chief financial officer until he hands over responsibilities to Mr Bole, after which he will remain with the business in a part-time advisory role for a period of time.

Ms Gadhia said: “Their broad experience and knowledge of the financial services industry, including a strong customer focus in retail banking, will be invaluable to us as we continue to deliver on our strategy of delivering growth, quality and returns to all of our stakeholders.”

ruth.gillbe@ft.com