Tesco’s financial arm is planning to appoint Sir John Kingman as its Chairman.
Tesco Bank has recently appointed Kingman to its board as a non-executive director. In few months’ time he is expected to replace Graham Pimlott as Chairman.
Kingman was closely involved in the British government’s response to the 2008 financial crisis as Second Permanent Secretary to the Treasury, and his appointment as a non-executive director is effective next month, Tesco Bank said in a statement.
“I am delighted to welcome Sir John to the board. His experience speaks for itself and will be invaluable as we drive the change required to ensure the bank can best serve a broad range of Tesco customers,” Pimlott said.
Kingman’s appointment as Chairman would come a year after Britain’s markets watchdog fined Tesco 16.4 million pounds ($20.18 million) for failing to protect account holders at its bank from a “foreseeable” cyber-attack in 2016.
The lender last month agreed to sell its 3.7 billion pounds British mortgage portfolio to Lloyds Banking Group, after announcing in May that it would halt mortgage lending due to stiff competition.
Being lined up to be chairman of Tesco Bank would rule him out as a candidate to run the Bank of England. Kingman was seen as a potential dark-horse successor to Mark Carney as governor of the Bank.
Tesco Plc, which owns Tesco Bank also announced that its CEO, Dave Lewis, is stepping down next year after completing a turnaround at Britain’s biggest retailer.