Virgin Money’s chief financial officer to leave company

After only two years in the job, Virgin Money's Chief Financial Officer Lee Rochford is leaving the company.

Rochford, who joined Virgin Money in October 2013, will serve out his notice period, although he is effectively standing down as CFO and executive director with immediate effect.

Financial history

With a long history in the UK's accountancy sector, which includes being head of the Financial Institution Group EMEA at RBS, Rochford has also held roles at Credit Suisse and BNP Paribas.

Under his stewardship, Virgin Money profits before tax leapt 37% in the half year to June 30, and revenue grew 19% to £254m.

Whilst the company looks for a replacement, current strategy director Dave Dyer, who is also a former CFO of Virgin Money, will take the reins as interim chief financial officer.

Thanks

The company thanked Mr Rochford for his role in steering it through an initial public offering in November 2014.

Chairman of Virgin Money, Glen Moreno, said: "I would like to thank Lee for his contribution, both to the board and as chief financial officer, and wish him well for the future. We are well placed to find a talented successor to take the business forward."

Jayne-Anne Gadhia, chief executive, also commented on the departure: "I have known Lee for many years, and together we achieved the successful listing of Virgin Money on the London Stock Exchange.”

“Lee made an invaluable contribution to our IPO and to our first year as a listed business," she added.

Mr Rochford himself said: "I am proud of what we have delivered together at Virgin Money in the past two years, and I have achieved what I set out to do when I joined the business. I am ready now for a new challenge outside of Virgin Money and I wish Jayne-Anne and all of the team every success for the future."