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Gloucestershire Business News

Bank boss quits after IT failure

The chief executive of TSB Paul Pester is stepping down after five years following serious problems with the bank's IT system.

TSB, which has a major centre at Barnwood, has struggled to tackle problems which have denied some customers access to online banking services.

The Board of TSB Bank Plc has today announced that Richard Meddings, current non-executive chairman of TSB, will take on the role of executive chairman while a search is made for a new CEO.

A bank spokesperson said: "Whilst there is still work to do to achieve full stability for customers, TSB's systems and services are much improved since the bank's IT migration earlier this year.

"Paul and the Board have therefore agreed that this is the right time for Paul to step down and to appoint a new CEO for TSB."

Commenting on the changes, Richard Meddings said: "Paul has made an enormous contribution to TSB. Thanks to his passion and commitment, TSB is today one of the UK's strongest challenger banks, serving over 5 million customers across the UK.

"Although there is more to do to achieve full stability for customers, the bank's IT systems and services are much improved since the IT migration. Paul and the Board have therefore agreed that this is the right time to appoint a new CEO for TSB. Our goal is therefore to allow a full search to commence, without any distractions, enabling TSB to build for the future."

Paul Pester said: "The last few months have been challenging for everyone at TSB. However, I want to thank all my colleagues across TSB for their dedication and commitment during this period and for their focus on putting things right for TSB customers."

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