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LONDON - Nationwide Building Society announced Tuesday that it has reconstituted the boards of Virgin Money UK PLC and Clydesdale Bank PLC with members drawn exclusively from Nationwide’s board, effective immediately.
The move follows Nationwide’s May 23, 2025 announcement of its intention to create a "simpler, more efficient governance structure" across the three financial institutions.
Under the new structure, Kevin Parry will serve as Non-Executive Director, Chairman and Chair of the Governance and Nomination Committee for both Virgin Money and Clydesdale Bank. Tracey Graham takes the role of Senior Independent Director and Chair of the Remuneration Committee, while Phil Rivett will serve as Non-Executive Director and Chair of the Audit Committee.
Other board appointments include Alan Keir as Non-Executive Director and Chair of the Risk Committee, alongside Non-Executive Directors Debbie Klein, Tamara Rajah, Gillian Riley, Sally Orton, and Anand Aithal. Debbie Crosbie joins as Executive Director, with Muir Mathieson serving as Executive Director and Chief Financial Officer.
Chris Rhodes, who remains CEO of Virgin Money, will join Nationwide’s board as an executive director while continuing his role on the Virgin Money and Clydesdale Bank boards.
David Bennett will continue as a Non-Executive Director across all three organizations until December 31, 2025, after which he will step down. Albert Hitchcock is leaving the Nationwide Board effective September 30, 2025.
"The Board changes signify an important step in the bringing together of the Nationwide and Virgin Money businesses enabling the streamlining of decision making and governance across the combined Group," said Kevin Parry, Chairman, according to the press release statement.
The restructuring represents a significant governance alignment following Nationwide’s acquisition of Virgin Money.
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