UK Finance has announced the appointment of David Postings as its new CEO, following the resignation of Stephen Jones earlier this year.
According to the group, the decision was made with the unanimous support of its board, and follows a “rigorous” recruitment process led by Sapphire Partners and UK Finance’s nominations committee.
Postings, who was already a non-executive director of UK Finance, will take up the position on 1 January 2021.
Postings said: “I am pleased to be taking on this role at UK Finance at such an important time for the industry. The sector’s response to the Covid-19 pandemic has shown the vital role that finance must play in supporting consumers and businesses through this difficult economic situation.
“I am looking forward to working with members and colleagues to continue UK Finance’s commitment to building an even more customer-focused and innovative sector for the benefit of the UK economy as a whole.”
UK Finance chair, Bob Wigley, said: “I am delighted to announce David Postings appointment as UK Finance’s new Chief Executive. He will bring wide and deep experience of our sector and crucially at this time, a real understanding of the vital role our members play in supporting SMEs and consumers across the UK.”
According to Sky News, who first reported his appointment earlier today (7 October), the move may “spark disappointment in some quarters that the job has not gone to a woman”.
It comes as former-CEO Stephen Jones resigned from the role in June, days after apologising to colleagues for alleged sexist remarks he made about financier Amanda Staveley.
The remarks in question were allegedly made by Stephen Jones 12 years ago, when he was a senior executive at Barclays.
Sky News first reported that he had tendered his resignation, after it earlier revealed that Jones had written to colleagues last week to apologise for “wrong” and “inappropriate” remarks he made about Staveley.
In a memo sent to UK Finance staff, Jones reportedly apologised for the “wholly inappropriate” comments and said they “do not meet the standards of language and behaviour we rightly expect”.
Sapphire Partners, a headhunting firm with a track record of producing diverse shortlists for boardroom roles, was then hired to recruit a new CEO.
According to Sky, some UK Finance directors had been pushing for Sapphire Partners to name a female successor to Jones.
One insider told Sky that “Sapphire’s involvement reflected UK Finance directors’ desire to ensure that female candidates were appropriately reflected on the shortlist”.