- Richard will continue to lead the Board until a strong successor has been appointed.
- This process will be led by TSB Senior Independent Director, Lynne Peacock.
As he approaches four years on the Board of TSB, Richard Meddings has announced his intention to step down as TSB Chairman later this year. Richard will continue to lead the Board while the search for a successor takes place.
Richard was appointed to the Board of TSB in September 2017 and became Chairman in February 2018. He served as Executive Chairman, on an interim basis, between September 2018 and the end of April 2019, leading the business back to stability following migration of its technology systems.
Last year, Richard made clear in his discussions with the Board of Sabadell that he did not wish to serve a full second term as Chairman of TSB. Richard has stayed on in light of last year’s merger talks involving Sabadell and a strategic review which could potentially involve the sale of TSB. Following Sabadell’s announcement last week that no sale process will be initiated in the near future and with TSB performing well, this is the right time for Richard to step down.
Richard leaves with TSB well set for the future – with a highly effective CEO, Debbie Crosbie; an experienced new management team; a new strategy for growth already well in execution; and TSB taking direct control of its technology systems, an essential step for the bank – all of which enable TSB to better serve its 5 million customers and return to profitability.
Over the last year, Richard has also brought a number of strong new Non-Executive Directors onto the Board of TSB.
Ensuring that TSB meets its wider responsibilities to society, Richard championed the launch of the Do What Matters plan to address challenges such as climate change, diversity and inclusion. This led to TSB becoming the first high street bank to be accredited by the Good Business Charter. A key part of this work is TSB’s industry-leading Fraud Refund Guarantee, launched by Richard, in April 2019, during his tenure as Executive Chair. This has driven improvements in the protection given to TSB customers and set a high standard for other businesses.
Debbie Crosbie, TSB’s Chief Executive said:
“The whole bank will miss Richard greatly, but I am delighted he will continue to lead us as we search for a new Chair. TSB will forever be indebted to Richard for stepping in to lead the business after migration and then, as Chairman, taking the right steps to get us to where we are now - a strong and growing bank with customers at its heart. On a personal level, I am hugely grateful to Richard for the close working relationship we have built, and his support and counsel through my first two years as CEO.”
“On behalf of Sabadell Group and its Board, I’d like to thank Richard for his exceptional leadership at TSB over the past four years.
In attracting the right leadership, developing and delivering a growth strategy and focusing on serving its customers better, Richard has ensured TSB is well set for a successful future. We are grateful for everything he has done and wish him well for the future.”
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Notes to editors
- Richard Meddings was appointed to the TSB Board on 20 September 2017 and became Chairman on 2 February 2018.
- He became Executive Chairman, on an interim basis, between 4 September 2018 and 30 April 2019.
- During his tenure as acting Chief Executive, Richard led the bank back to full functionality following the 2018 IT migration, including accelerating the implementation of all major IT fixes, compensating all customers who were impacted and bringing a full product range back to market across all channels.
- Richard is a non-executive director at Credit Suisse, where he chairs the Audit Committee and is also a member of the Risk, Governance & Nominations, and Conduct & Financial Crime Control Committees.
- Richard’s other current non-executive Board positions are at Teach First and HM Treasury. He also chairs the Hastings Educational Opportunity Area.
- Richard has in the past served as a Non-executive Director of 3i Group plc, Legal & General Group plc, Deutsche Bank AG and Jardine Lloyd Thompson Group plc.