Alliance & Leicester has appointed group finance director David Bennett as group chief executive, effective from July 27.
Former group chief executive Richard Pym asked the board in February to consider his successor, resulting in a search of external and internal candidates. He will retire from the board on July 27.
Current managing director, retail banking Chris Rhodes will become group finance director.
Retail banking business will report directly to Bennett while commercial banking business will continue to report to Richard Banks.
A&L chairman Sir Derek Higgs says: “We are delighted to appoint David Bennett as Alliance & Leicester’s group chief executive. In his eight years with the Group, David has continually proved himself to have outstanding leadership abilities and judgement. He has played a key part in the development of Alliance & Leicester and in building the growth and momentum we can see in the group’s results.
Bennett says: “I welcome the opportunity to lead Alliance & Leicester and to ensure that the growing momentum in our business continues at pace as we implement our strategy. A&L has a great management team and I have every confidence in the group’s continuing and growing success.”
The group’s trading statement, released this morning indicates that its operating profit should be around the top of the current analyst forecasts and its revenue growth is expected to be “significantly higher than in similar periods in recent years.”
Six month interim results will be out July 27.