Jayne-Anne Gadhia to leave Virgin Money

Michael Lloyd

October 15, 2018

Jayne-Anne Gadhia (pictured) is leaving Virgin Money, where she was chief executive.

In June The Clydesdale and Yorkshire bank brands agreed a £1.7bn takeover of Virgin Money. While she is no longer CEO she has agreed in principle to support the group as senior adviser to David Duffy, chief executive of Clydesdale and Yorkshire Banking Group, for 18 months.

She has been vocal for women in finance and is considered one of the most senior and popular women in the industry.

On Twitter she wrote: “Here’s my last note to my fabulous team – I wanted to share it with people no longer at Virgin Money – because I love you too!”

The note to her staff said: “Not long ago I had lunch with a man who had set up and sold a successful business that most of us would have used over the course of our lives. I asked him how he had got over selling it and moving on.

“’It was no problem’ he said. ‘Because I had never fell in love with my business.’

“And that is the difference between us. Because I fell in love with Virgin Money hook, line and sinker.

“I love the passion of the people. I love our focus on customers. I love our aim to make everyone better off. I love that we saved Northern Rock. I love the work we do in our communities. I love the buzz and beauty of our Stores and Lounges. But most of all, I love you.

“Without you we would have achieved nothing. Without you we would not have been heard. Without you customers would not have achieved their dreams. Without you we would be a hollow shell.

“And now I wish you every success in the next stage of the journey to change the world by making everyone better off.”

Andrew Montlake, director of Coreco, said: “Jane has done a good job at Virgin – she’s helped grow the brand.

“I’m sad to see her go and I wish her good luck for the future. Hopefully we can see more strong women in senior positions.”

Ray Boulger, senior technical manager at John Charcol, said: “I don’t think this should surprise anyone because whenever you have a takeover there’s always changes in management so its not surprising the chief executive is leaving.

“This takeover was several months ago so she’s had time to think what she wants to do and I have no doubt she’s been approached by many – she’s very experienced in the mortgage and banking industry. It’ll be interesting to see where she turns up.”

Other members of the Clydesdale and Yorkshire Banking Group leadership team will continue, to be joined by Peter Bole and Hugh Chater from the Virgin Money Executive Team.

Peter Bole, formerly CFO of Virgin Money will assume the role of group integration director with responsibility for leading the delivery of the integration programme across both businesses.

Hugh Chater, managing director, core bank of Virgin Money, will join the CYBG leadership team and be responsible for overseeing the day-to-day operation of the Virgin Money business in support of David Duffy as chief executive.

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