REG - Secure Trust BankPLC - CEO Succession Plan

Secure Trust BankAnnouncement

17/06/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250617:nRSQ0816Na&default-theme=true

RNS Number : 0816N  Secure Trust Bank PLC  17 June 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

 FOR IMMEDIATE RELEASE

 17 June 2025

 

Secure Trust Bank PLC

("Secure Trust Bank" or "the Company" or "the Group")

CEO Succession Plan

The Board of Secure Trust Bank PLC announces that David McCreadie, the Group's
Chief Executive Officer ('CEO'), will retire from his role after over four
years as CEO and almost six years on the Board.

The Nomination Committee has implemented its succession plans and is delighted
to announce the appointment of Ian Corfield as CEO Designate with effect from
23 June 2025 and as CEO with effect from 16 August 2025, subject to regulatory
approval. In order to achieve a smooth transition of responsibilities, David
will remain available to support the business until June 2026.

During his time as CEO, David McCreadie has refocused the Group, refreshed the
management team, overseen the growth of the current lending businesses from
£2,185m to £3,725m and streamlined the organisation, whilst navigating the
impacts of the global pandemic, significant geopolitical changes, and
challenges in the regulatory and market environment.

Ian Corfield brings a wealth of experience to Secure Trust Bank having spent
over 20 years working in financial services. He was previously Chief
Commercial Officer of NewDay Ltd from 2014 to 2023 where he helped build the
Company into a leading financial services provider. Previously Ian served as
CEO of Aussie Home Loans and Business & Retail Banking at Bankwest, both
based in Australia, and prior to this he held a number of senior roles at HBOS
Plc. Most recently Ian has worked as an adviser to HM Treasury and will step
down from his role as a Specialist Partner at Flint Global, a regulatory and
competition advisory firm, in advance of becoming CEO of Secure Trust Bank.

Jim Brown, Chair, Secure Trust Bank PLC commented:

"On behalf of the Board, our colleagues and our shareholders I would like to
thank David for his commitment and contribution to the Group throughout his
tenure. Since his appointment as CEO, David has driven strong progress against
our lending ambition of £4bn. He has led the transformation of the Group into
a simplified and more focused business, restructuring our operational platform
to ensure the Group is well positioned for future growth and improved returns.

We are delighted to welcome Ian Corfield to the Board and as CEO. Ian brings
significant strategic, financial services and consumer finance expertise with
a focus on driving innovation in customer experience. Throughout his career he
has demonstrated exceptional leadership skills and developed a strong track
record of delivering profitable growth. We look forward to working with Ian to
accelerate our growth plans and deliver value for our customers, colleagues
and shareholders."

David McCreadie commented:

"It has been a privilege to lead Secure Trust Bank and to work with so many
talented people. I am proud of the transformation we have delivered together
to define a clearer purpose and direction for the Group, and I would like to
thank current and former colleagues for their support, hard work and
commitment.

We expect to achieve our current strategic ambitions in the near term and the
foundations are in place to support the delivery of enhanced returns. As a
result, it is the right time to transition the CEO role to ensure consistent
leadership during the next phase of the Group's strategic development. I look
forward to working with Ian, my colleagues and the Board to ensure an
effective transition."

Ian Corfield commented:

"I look forward to working with the Board, Executive team and our people to
drive the future success of the business. It is an exciting time to be joining
the Group as we set our strategy for 2026 and beyond. The key priority will be
to continue to execute on our plans to enhance returns."

Enquiries:

 Secure Trust Bank                                   +44 (0) 121 693 9100

 Jim Brown, Chair

 Lisa Daniels, Company Secretary

 Investec Bank plc (Joint Broker)                    +44 (0) 20 7597 5970

 Chris Baird

 David Anderson

 Maria Gomez de Olea

 Shore Capital Stockbrokers (Joint Broker)           +44 (0) 20 7408 4090
 Mark Percy / Sophie Collins (Corporate Advisory)
 Guy Wiehahn (Corporate Broking)

 Camarco                                             +44 (0) 7591 760844
 Geoffrey Pelham-Lane                                securetrustbank@camarco.co.uk
 Sean Palmer

The person responsible for arranging for the release of this announcement on
behalf of STB is Lisa Daniels.

This announcement is being made pursuant to Listing Rule 6.4.6R. There are no
other matters to be disclosed under Listing Rule 6.4.8R in relation to Ian
Corfield's appointment.

David McCreadie

David McCreadie will remain as Chief Executive Officer until 15 August 2025
and will continue to be available to the Group through to the end of his 12
month notice period, which expires on 16 June 2026. His departure terms are
consistent with the Directors' Remuneration Policy and his service contract.
Accordingly, he will continue to receive his current level of salary and
benefits up to the cessation of his employment.  He will be eligible for a
pro rata annual bonus in respect of his active service in 2025. David
McCreadie will be treated as a good leaver for the purposes of his outstanding
awards under the Company's share plans. His awards under the Long-Term
Incentive Plan ('LTIP') will be pro-rated to his date of leaving but will vest
on the normal dates subject to the achievement of the relevant performance
conditions. His awards under the Deferred Bonus Plan will vest in full on the
normal dates.

Additional details will be set out in the section 430(2B) disclosure that will
be made available on the Company's website following his departure from the
Board and will also be set out in the Directors' Remuneration Report for the
year ending 31 December 2025.

Ian Corfield

Ian Corfield will receive a base salary of £700,000 per annum. The remaining
elements of his remuneration will also be in line with the Directors'
Remuneration Policy. On appointment, Ian Corfield will be granted an LTIP
award with a value of 100% of base salary, with performance conditions
assessed over the period 1 January 2025 - 31 December 2027.

Further details of his remuneration arrangements will be set out in the
Directors' Remuneration Report for the year ending 31 December 2025.

About Secure Trust Bank

Secure Trust Bank is an established, well‐funded and capitalised UK retail
bank with over 70‐years of trading history. Secure Trust Bank operates
principally from its head office in Solihull, West Midlands, and has 904
employees (full‐time equivalent) as at 31 December 2024. The Group's
diversified lending portfolio currently focuses on two sectors:

(i)         Business finance through its Real Estate Finance and
Commercial Finance divisions; and

(ii)        Consumer finance through its Vehicle Finance and Retail
Finance divisions.

Secure Trust Bank PLC is authorised by the Prudential Regulation Authority and
regulated by the Financial Conduct Authority and the Prudential Regulation
Authority.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOAEAAKKFEESEAA