Challenger bank Shawbrook appoints new chairman Iain Cornish to replace Sir George Mathewson
Challenger bank Shawbrook has appointed former Yorkshire Building Society chief executive Iain Cornish as its new chairman.
Cornish replaces former RBS boss Sir George Mathewson who will step down as chairman and as director with immediate effect.
Cornish is a senior independent director of debt manager Arrow Global and wealth manager St James's Place.
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He was also a founding member of the Bank of England's Prudential Regulation Authority and chief executive of Yorkshire Building Society for eight years to 2011.
"I am honoured to become chairman of Shawbrook and to be joining the company following its successful initial public offering and at such an exciting stage in its development," Cornish said.
Mathewson's intention to step down was first announced in March when Shawbrook also unveiled plans to float on the London Stock Exchange.
Shawbrook floated in April at a price that valued the bank at £750m. It joined other challenger banks Virgin Money and Aldermore which were among recent floats in the sector.
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"We are delighted that Iain is joining the board as chairman, as he brings a wealth of experience and industry knowledge," Robin Ashton, senior independent director at Shawbrook, said.
"We look forward to his contribution as Shawbrook continues its journey as a public company."
"We would also like to publicly acknowledge Sir George's contribution to the founding and growth of Shawbrook over the past four years."
Shawbrook is one of a number of challenger banks which have been set up to take market share away from the dominant "big five" high street lenders HSBC, Barclays, RBS, Santander and Lloyds.
Shares in Shawbrook closed down 1.2 per cent to 370p per share in late afternoon trade today.