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Chief executive quits Clydesdale Bank

David Thorburn quit yesterday
David Thorburn quit yesterday

Headhunters have been drafted in to find a new boss for Clydesdale Bank after the surprise resignation yesterday of chief executive David Thorburn, stoking further speculation over an imminent sale or flotation of the lender.

City recruitment firm Korn Ferry is understood to have been hired by parent company National Australia Bank (NAB) to examine external candidates for the top job.

Andrew Thorburn, chief executive at NAB, said: “Since our announcement in October that we intend to examine a broader range of options to accelerate the exit from our UK banking business, David and I have been having ongoing discussions about the future.

“David’s decision is understandable given what is now required.

“He has made an excellent contribution to the bank, and I wish him well, and am pleased he is staying on to ensure a smooth transition.”

His statement has re-ignited speculation that a stock market listing for Clydesdale could be just months away, with investment bank Morgan Stanley hired to work on the project.

NAB bought Clydesdale Bank in 1987 and took over Yorkshire Bank in 1990.

Jim Pettigrew, chairman of Clydesdale Bank, said: “David successfully completed the UK strategic review in 2012, which was undertaken to identify the changes needed to deliver sustainable and satisfactory returns from the UK banking business.

“As a result of David’s efforts, the UK banking business is in much better shape, with the 2014 results showing improvement in a number of areas including asset quality and a lower risk loan book.”

Mr Thorburn, 56, joined Clydesdale Bank in 1978, before leaving for TSB in 1984.

He then re-joined Clydesdale in 1993, becoming a member of the executive leadership team in 2002 before being named as chief executive in 2011.

Mr Thorburn said: “I’m proud of the work my team and I have undertaken during my tenure as chief executive, and I leave knowing that Clydesdale and Yorkshire banks are in much better shape.

“However, having been chief executive for almost four years, I came to the view that it was in the best interests of the business for me to stand down at this time and allow an injection of new leadership to take place.”

He added: “I believe that the business requires a five year commitment from me, particularly as NAB looks at options to accelerate the exit from its UK banking business and I felt this was a significant undertaking.

“This has been a challenging but incredibly rewarding role, and I would like to thank my colleagues for their hard work, and I wish the board and the executive team every success in the future.”

Clydesdale has set aside £450million to pay compensation to customers who were miss-sold payment protection insurance (PPI) and a further £250m in compensation for interest rate swap customers.