Yorkshire Bank chief decides to quit after seven years at the helm

YORKSHIRE Bank chief executive Lynne Peacock is standing down in a surprise move that will see chief operating officer David Thorburn replace her.

Ms Peacock, 54, said after steering Yorkshire and Clydesdale banks through “some of the worst conditions in living memory”, she wanted to “take things easier”.

She added her departure was entirely her decision and hands over to Mr Thorburn in July after seven years heading the lender.

Hide Ad
Hide Ad

Ms Peacock declined to be drawn on speculation the bank’s parent company National Australia Bank wants to buy 600 Lloyds branches the lender is offloading, or acquire nationalised Northern Rock.

“Our number one priority is to focus on organic growth,” she said. “If something else came along that demonstrated better shareholder value for NAB it’s something that the group has a duty to consider.”

Ms Peacock started her career in banking in 1983, joining Yorkshire Bank in 2003 as an executive director, and becoming chief executive in 2004.

She said her greatest achievements at the bank were restructuring it, selling its Irish operations in 2004 and guiding it through the financial crisis. “I’ve been working for 35 years and I think it’s time to take things easier,” she said.

Hide Ad
Hide Ad

Mr Thorburn, 53, joined Clydesdale as a graduate trainee in 1978, becoming chief operating officer in 2002.

NAB chief executive Cameron Clyne thanked Ms Peacock for her “tremendous contribution” and ensuring the bank was “kept safe and secure during the worst financial crisis in post war history”.

Ms Peacock said after a break she may take up more part-time roles alongside her non-executive post at Scottish Water.

Yorkshire Bank’s latest results showed a strong rebound from the recession.