The hunt is on for a new leader for the Clydesdale after chief executive David Thorburn yesterday stood down from the top job at the for-sale bank.
The former CBI Scotland chairman, who said his decision was in the best interests of the business, has had a long association with the bank having joined the group as a graduate trainee in 1978.
Mr Thorburn worked with TSB Scotland for several years before returning to Clydesdale in 1993.
He joined the group’s executive leadership team as chief operating officer in 2002, a role that also saw him assume responsibility for the Clydesdale sister Yorkshire operation, and was appointed CEO in 2011.
The Clydesdale’s parent group National Australia Bank which reiterated its determination to exit the UK banking sector said the process to identify Mr Thorburn’s successor was “well under way”.
Clydesdale Bank board chairman Jim Pettigrew said: “David successfully completed the UK strategic review in 2012, which was undertaken to identify the changes needed to deliver sustainable and satisfactory returns from the UK Banking business.”
He added: “As a result of David’s efforts, the UK Banking business is in much better shape, with the 2014 results showing improvement in a number of areas including asset quality and a lower-risk loan book.
Mr Thorburn said it was the right time to step down and allow a new leader the opportunity to take the Clydesdale forward.
“I’m proud of the work my team and I have undertaken during my tenure as CEO, and I leave knowing that Clydesdale and Yorkshire banks are in much better shape,” he said.
“However, having been CEO for almost four years, I came to the view that it was in the best interests of the business for me to stand down at this time and allow an injection of new leadership to take place.
“I believe that the business requires a five-year commitment from me, particularly as NAB looks at options to accelerate the exit from its UK Banking business, and I felt this was a significant undertaking.”
NAB group chief executive Andrew Thorburn said his UK-based namesake, to whom he is no relation, had made an important contribution to the bank.
Aside from his work with Clydesdale, Mr Thorburn has made a significant contribution to Scottish business life in various roles.
He chaired CBI Scotland for two years from 2007, is a past president of the Chartered Institute of Bankers in Scotland, a former director of Scottish Financial Enterprise, and a former chairman of the advisory board of Strathclyde Graduate Business School.