Glen Moreno takes up chairman seat at Virgin Money

The Californian businessman replaces David Clementi, who is expected retire in June

Glen Moreno
Glen Moreno

Virgin Money confirmed outgoing Pearson chairman Glen Moreno has started his role as chairman of the Gosforth-based bank.

The Californian, who replaces former Bank of England deputy Governor David Clementi, is expected to step down from his role at the world’s biggest education company before April 2016.

Mr Moreno already joined the Virgin Money board in January as an independent non-executive director.

The London-based businessman is a former acting chairman of UK Financial Investments Limited, the company set up to manage the Government’s shareholdings in UK banks.

Pre-tax profits at Virgin Money more than doubled to £121.2m in 2014 and the bank revealed a 34% rise in gross lending to £1.6bn, in the first quarter of 2015.

At the time, Virgin Money chief executive officer, Jayne-Anne Gadhia, said: “We are confident that we can continue to build on the strong foundations we have laid for the business, and remain focused on delivering growth, quality and returns for the benefit of all of our stakeholders.”

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