Paragon Banking Group PLC Appointment of new Chairman (7328N)

TIDMPAG

RNS Number : 7328N

Paragon Banking Group PLC

11 May 2018

Paragon Banking Group PLC

Friday 11 May 2018

Appointment of new Chairman

Paragon Banking Group PLC ("Paragon" or "the Company") is delighted to announce that Fiona Clutterbuck, the Senior Independent Director, has been appointed as Chairman of the Company, and its regulated subsidiary Paragon Bank PLC, with effect from 10 May 2018.

Bob Dench, who was appointed Chairman of The Co-operative Bank plc in March 2018, stepped down as Chairman and ceased to be a Director of the Company on 10 May 2018.

Fiona has also been appointed Chairman of the Nomination Committee and ceases to be the Company's Senior Independent Director and a member of the Audit Committee. Once regulatory approval has been obtained, the Board will announce Fiona's successors as Senior Independent Director and Chairman of the Remuneration Committee.

Bob Dench said: "I have had a wonderful time at Paragon since joining in 2004. The management team, at all levels, has been the best I have worked with. The tremendous and constant support of the shareholders, and the unwavering focus of Nigel Terrington and his team, have seen Paragon become a robust and highly profitable business. I am particularly pleased to be handing over the Chair to Fiona, who has immense capabilities, skills and energy to help take the business forward."

Commenting on Fiona's appointment, Nigel Terrington, Chief Executive, said: "We carried out a thorough and independent appointment process and it was clear that Fiona was the best candidate to become Paragon's Chairman. She has a strong knowledge of Paragon, having been on the Board since 2012 and has a wealth of financial experience, having held senior positions at leading UK and international banks. We have been immensely lucky to have been Chaired by Bob for the last 14 years but he leaves the company in excellent health and we look forward to what we know will be Fiona's significant contribution to our future."

Fiona Clutterbuck said: "I am delighted to be appointed as Paragon's Chairman. Last year saw a restructuring of the Group's businesses which represented a major milestone in our strategic development. It is an exciting time for Paragon as the Group continues to evolve as a diversified banking group and I look forward to supporting Nigel and the team in my new role."

For further information contact:

 
 Paragon Banking Group PLC            Headland 
 Nigel Terrington, Chief Executive    Lucy Legh and Del Jones 
 Deborah Bateman, Director External   [e-mail] 
  Relations 
 Tel: [phone]                   Tel: [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

UPDMMGMKNGFGRZM

(END) Dow Jones Newswires

May 11, 2018 02:00 ET (06:00 GMT)