TSB names new boss after IT debacle

TSB names new boss after IT debacle

TSB has appointed its new chief executive in the wake of the IT debacle which saw nearly two million people locked out of online banking services. 

Debbie Crosbie, currently chief operating officer at CYBG, will join TSB in 2019 to replace Paul Pester.

Mr Pester stepped down in September after the Treasury select committee announced it had "lost confidence" in his ability to address the fiasco and accused him of not being straight with the committee and TSB customers.

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Richard Meddings, TSB's executive chairman, said: "In an impressive field of candidates, Debbie stood out. With over two decades of experience, superb retail and SME banking expertise, and a genuinely open and engaging style of leadership, we have found an outstanding new CEO.

"What’s more, Debbie brings a clear challenger mindset to TSB and she shares our vision for what a strong challenger bank can achieve for customers."

He added that Ms Crosbie's appointment was a "step forward" towards TSB "completing the work of putting things right for customers".

Problems with TSB's IT system began in April, when the bank began moving its customer data from a system controlled by its former owner, Lloyds Banking Group, to a new system built by its new owner, the Spanish banking group, Banco Sabadell.

The new system proved unable to cope with the number of people attempting to use it and some TSB customers faced weeks of problems.

The Financial Conduct Authority later revealed it was investigating TSB over its IT failings.

Ms Crosbie has worked at CYBG, the parent company of Virgin Money, Clydesdale Bank and Yorkshire Bank, for more than 20 years

She said: "I’ve known and admired TSB for many years and I have huge respect for the values on which TSB has been built.

"The exciting thing about TSB is just how much potential the bank has to redefine banking to better serve customers and their changing financial needs."

Mr Meddings will remain executive chairman until Ms Crosbie joins the company, at which point he will return to his previous role of non-executive chairman.