Santander’s extended search for new boss might drive Nathan Bostock to stay in function past finish of year
Santander’s extended search for a brand new chief govt might drive Nathan Bostock to stay in the function past the top of the year.
The course of for discovering the following boss is below means, however one headhunter stated a substitute for present chief Bostock is ‘unlikely’ to be in place earlier than 2022.
Santander, Britain’s fifth-largest financial institution, had initially stated in April that Bostock ‘will step down as CEO in direction of the top of the year and begin his new function when a successor has been appointed’.
Change of plan: Santander had initially stated in April that Nathan Bostock ‘will step down as CEO in direction of the top of the year
He is about to change into head of funding platforms at Banco Santander, the financial institution’s Spanish father or mother company. However, this transfer can be delayed if his substitute just isn’t discovered earlier than January.
The Mail on Sunday revealed earlier this year that Tony Prestedge, who was deputy chief govt and was broadly tipped for the highest job, had left the financial institution.
Before becoming a member of Santander final September, Prestedge had held the identical position at Nationwide Building Society and had seemingly been lined up as Bostock’s successor.
His mysterious departure after lower than a year on the financial institution is known to have thrown Bostock’s succession plans into turmoil. Santander chairman William Vereker, who was Theresa May’s UK business envoy, is main the choice course of.
Susan Allen, who was chief govt of retail and business banking, was one other contender. However, she left in the summer time to hitch Barclays.
Santander stated: ‘The search for our CEO is ongoing and progressing properly.’