Yorkshire Bank names four new non-executive directors

The four finance experts joined the board of Yorkshire and its sister bank Clydesdale this month – later than expected after their appointment was delayed by the banks’ strategic review.

The recent hires mean the bank now has 10 non-executives, although this number is expected to fall as other non-executives leave. The bank, headed by chief executive David Thorburn, typically operates with six or seven non-executives.

Non-executive Peter Wood resigned in October. Yorkshire Bank declined to say which other non-executives will leave. It added the recruitment process started more than a year ago.

David Allvey, David Browne, Barbara Ridpath and Alex Shapland join a non-executive cast which includes Richard Gregory, the current chairman of Yorkshire Bank.

Serial non-executive Mr Allvey is chairman of Costain Group and Arena Coventry Ltd, and a former finance director of Barclays.

Mr Browne was formerly head of group funding and external relations at hedge fund Man Group.

Ms Ridpath is chief executive the International Centre for Financial Regulation.

She previously ran the European arm of ratings agency Standard & Poor’s.

Mr Shapland recently retired from PwC’s financial services regulatory practice and previously worked at Skipton Building Society.

The Australian-owned bank last month announced swingeing cost cuts, including 1,400 job losses and the closure of 29 business banking centres in the South, as it posted half-year cash losses of £25m and surging bad debts.

The new appointments were revealed in the bank’s interim report. A spokesman said Yorkshire and Clydesdale’s normal non-executive renewal process had been “postponed to ensure board stability”.

“Given the focus on our recently announced strategic review, the board postponed some business as usual activities, including its on-going renewal planning,” he said. “As a result, a number of non-executive directors stayed on beyond their intended retirement dates to support these activities and will begin to step down as new directors are appointed in the coming months.”

The bank’s non-executives usually serve three-year terms but can be re-elected. It is believed the bank has not ruled out more non-executive appointments.