The Virgin Money UK (ASX: VUK) share price will be on watch today following the announcement of a new group CFO appointment. The Virgin Money share price finished the day yesterday at $2.50. It will be interesting to see where its shares head today.
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New CFO appointment
According to the release, Virgin Money announced that it has appointed Mr Clifford Abrahams to the role of executive director and CFO. It's expected that Mr Abrahams will join the group in March next year, succeeding interim CFO Mr Enda Johnson.
Subject to regulatory approval, a handover of responsibilities will take place to allow a smooth transition between the two heads.
Mr Abrahams is currently in another CFO role for ABN AMRO Bank, having been in the role since 2017. Prior to that, he was group CFO at the Dutch insurer Delta Lloyd, holding several positions at Aviva. Mr Abrahams spent the early part of his career in investment banking with the financial institutions group at Morgan Stanley.
Management commentary
Commenting on the appointment, Virgin Money CEO Mr David Duffy said:
Clifford has a proven track record as a CFO of publicly listed financial services companies and will be a strong addition to our leadership team. Clifford's deep experience and financial services knowledge will be of great benefit as we navigate an uncertain economic environment and ultimately deliver on our ambition to disrupt the status quo in UK banking. I would also like to thank Enda Johnson for his strong stewardship as our Interim Group CFO during what is a uniquely challenging time.
Mr Abrahams added:
I am delighted to have been appointed as CFO of Virgin Money UK. It is an exciting company with strong foundations and unique opportunities to disrupt the UK banking industry, and I very much look forward to getting started next year.
About the Virgin Money share price
The Virgin Money share price has been storming higher since it hit a low of $1.06 in April. Investors who bravely held on as its airline division delisted have since seen gains of up to 135%.
However, the Virgin share price is still a long way off its 52-week high of $4.15 reached in December 2019.
