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Saturday 21 July 2018

Paragon drafts in new chief after losing boss to the Co-operative Bank

Non-executive director Fiona Clutterbuck has been appointed chairwoman of the group.

Paragon has appointed a new chairwoman (PA)
Paragon has appointed a new chairwoman (PA)

By Kalyeena Makortoff, Press Association Chief City Correspondent

Paragon Banking Group has drafted in one of its senior directors to head the business after losing its chairman to the Co-operative Bank.

The FTSE 250 firm announced on Friday that it was appointing Fiona Clutterbuck, who has been a non-executive director since 2012, to take his place.

Ms Clutterbuck brings experience from across the financial sector, having served as managing director and head of financial institutions advisory at ABN Amro Investment Bank and managing director and global co-head of financial institutions at HSBC Investment Bank.

She is also a non executive director at investment firm Hargreaves Lansdown.

Commenting on Ms Clutterbuck’s appointment, chief executive Nigel Terrington said: “We carried out a thorough and independent appointment process and it was clear that Fiona was the best candidate to become Paragon’s chairman.

She has a strong knowledge of Paragon, having been on the board since 2012 and has a wealth of financial experience, having held senior positions at leading UK and international banks.

“We have been immensely lucky to have been chaired by Bob (Dench) for the last 14 years but he leaves the company in excellent health and we look forward to what we know will be Fiona’s significant contribution to our future.”

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Co-operative Bank Stock

Ms Clutterbuck’s predecessor, Bob Dench, officially stepped down from his post  on Thursday, having been appointed chairman of the Co-operative Bank back in March.

It ended a long stint at the firm, having joined Paragon back in 2004 as a non-executive director and becoming chairman in 2007.

It followed a long career at Barclays.

Mr Dench went on to replace the Co-op Bank’s Dennis Holt nearly six months after his new firm struck a £700 million rescue deal that saved it from potential collapse.

He said: “I have had a wonderful time at Paragon since joining in 2004. The management team, at all levels, has been the best I have worked with.

“The tremendous and constant support of the shareholders, and the unwavering focus of Nigel Terrington and his team, have seen Paragon become a robust and highly profitable business.

“I am particularly pleased to be handing over the chair to Fiona, who has immense capabilities, skills and energy to help take the business forward.”

Paragon made headlines earlier this week when it confirmed that it was in the “early stages” of considering a possible acquisition of property lender Titlestone.

Press Association

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