The firm has also signalled its intention to collect retail deposits with the creation of a savings director role in a raft of new appointments to the company’s board.
Baird joins as senior non-executive director and chairman of the audit committee and was previously the FSA’s director of internal audit, leading a critical review of the regulator and the Treasury’s handling of the Equitable Life fiasco in 2001.
Hill, who joins as chief financial officer, stepped down as CEO and CFO of Stroud & Swindon Building Society in August 2009 after nine years at the mutual.
Hill’s resignation followed losses of £3.4m posted by the building society.
Philip Dearing, previously chief executive officer at Market Harborough Building Society, has been appointed savings director, Gerald Gregory, previously a director of Britannia Building Society has been appointed non-executive chairman and David Kindred, previously head of decision sciences at Lloyds Banking Group, has been appointed chief risk officer.
Stephen Knight, previously executive chairman at GMAC-RFC, remains chief executive officer.
The firm says the new name, which is derived from the French word “portillon”, meaning the security gate in front of a castle, is the result of extensive research carried out in the fourth quarter of 2009.
Portillion non-executive chairman Gerald Gregory says: “The board, management team and governance structure that has been put in place at Portillion is as good as I have seen anywhere in the industry.
“When the time is right to launch, I am sure we will improve choice and benefits for customers.”