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B&B appoints new chief exec and reveals low take up of rights issue

Bradford & Bingley has appointed Richard Pym as chief executive and announced that shareholders have only bought up 27.8 per cent of shares in its £400m rights issue.

Pym retired as group chief executive of Alliance & Leicester in July 2007.

He is currently an independent non-executive director of Old Mutual, the international asset management group and non-executive chairman of BrightHouse Group, an investment of private equity firm Vision Capital. He is also non-executive chairman of Halfords, the car and cycling retailer, and will be standing down from this role in due course.

B&B chairman Rod Kent, says: “It has been a key priority for the Board to find a new chief executive, and we believe that Richard Pym is ideal for the role.”

Pym says: “B&B has developed strong customer franchises in savings and lending and I am delighted to have been invited to lead the business. I look forward to working with the Board and executive.”

This news comes as B&B shareholders subscribed to buy 27.8 per cent of shares in its £400 million rights issue. Its underwriters will now have to place the remaining 597 million new shares by the end of the week.

Four major shareholders and six clearing banks that have agreed to back the underwriters. B&B offered its shares at 55p each in the issue and its shares were trading just above that level as subscriptions closed on Friday.

B&B is due to release first-half results on August 29.

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