VIRGIN MONEY has appointed Tesco Bank finance chief Peter Bole as its CFO after a “comprehensive market search”.
Bole has led Tesco Bank’s finance function since 2009, having previously held senior roles in the finance function of RBS and as an investment director at Standard Life.
Given his contractual position at Tesco Bank, Virgin Money revealed it expects him to join as CFO in 2017.
Dave Dyer will remain as CFO until he hands over responsibilities to Bole, after which he will remain with the business in a part-time advisory role for “a period of time”.
Bole will be paid an annual base salary of £500,000. In addition he will receive pension contributions of 20% of base salary, life cover, permanent health insurance and private medical cover. He will be eligible to receive an annual bonus and an annual award under the Virgin Money Long Term Incentive Plan, which together will not exceed 200% of fixed pay.
Virgin Money chairman Glen Moreno said: “After an extensive selection process I am delighted to announce that Peter Bole has been appointed as CFO of Virgin Money. He is an accomplished professional with first-class strategic financial management experience. I am very much looking forward to working with Peter as we continue to grow the business.”