PracticeConsultingA&L restructures executive team

A&L restructures executive team

Richard Pym, the finance director of Alliance & Leicester, has stepped up to become managing director at the mortgage bank after the sudden departure of Peter McNamara.

Chartered accountant Pym had been group finance director since 1993 and as managing director, retail banking, will report to executive chairman John Windeler.

David Bennett, currently executive director responsible for partnership development, will replace Pym as finance director.

McNamara resigned by mutual consent as group managing director after his restructuring plans failed to deliver revenue growth of 6% per year. His post no longer exists at the bank.

In a statement, Alliance & Leicester said the restructuring would allow the group to move towards its strategic goals of prudent asset quality control, a strong and resilient capital market position and a commitment to delivering on cost targets.

Following the departure of McNamara, executive chairman John Windeler said the new team would further develop the business, ‘concentrating on shareholder value’ and Peter Barton, deputy chairman and senior independent non-executive director, whilst recognising the former group MDs talents and contribution, said the new structure was best way to take the business forward.

Rumours doing the rounds in the press suggest that the restructuring at A&L could make it ripe for a takeover bid by a competitor, with Lloyds TSB at the top of the list.

Links

Alliance & Leceister online

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