Sainsbury's Bank has confirmed that its CEO, Peter Griffiths (pictured above), is planning to retire in 2020.
The bank is currently in the early stages of looking for his replacement.
Peter was appointed as its CEO in November 2012 and joined the operating board in May 2014.
He previously served as group chief executive at Principality.
Prior to that, he worked at NatWest and Morgan Chambers, as well as serving as the chairman of the CBI Wales and the Building Societies Association.
A spokesperson for Sainsbury’s said: “We can confirm that we are in the early stages of succession planning for Peter Griffiths, CEO of Sainsbury’s Bank, who plans to retire in 2020.”
This announcement follows Sainsbury’s Bank’s interim half-year results to 22nd September 2018, which revealed that profits were down 53% year-on-year to £16m.
However, its customer numbers grew by 5% year-on-year, with 1.95 million active customers as of 31st August 2018.
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