J SAINSBURY PLC MANAGEMENT UPDATE
J Sainsbury plc has appointed Jim Brown as Chief Executive Officer of Sainsbury's Bank, subject to regulatory approval.
Jim will join as CEO Designate on 19th June and will work with Peter Griffiths for a short period of handover.
Jim worked for Royal Bank of Scotland PLC ('RBS') from 2015-2017 as Chief Executive of Williams and Glyn; was Chief Executive of Ulster Bank Group from 2011-2015; and Chief Executive of Retail and Commercial Markets, Asia for RBS Asia from 2005-2011.
Mike Coupe, CEO of Sainsbury's, said:
“Jim has a wealth of experience and a strong track record of leading banks through significant change, which will help him lead Sainsbury's Bank through the next stage of its journey. I am delighted to welcome Jim to the Sainsbury's management team.”
Jim Brown said:
“I'm really excited to be joining Sainsbury's, which has a very strong brand and is well trusted by its customers. The combination of Sainsbury's, Argos and Nectar, along with Sainsbury's Bank, provides a real and unique opportunity to offer customers easy access to digitally-led financial services. I have been impressed by everyone I have met so far and am very much looking forward to joining the team.”
Sainsbury's Bank increased customers by five per cent to two million and Argos Financial Services increased customer numbers by six per cent to two million in the 2018/19 financial year. 74 per cent of Sainsbury's Bank customers have a Nectar card and benefit from Nectar points across a range of products. Financial services operating profits decreased to £31 million.
Sainsbury's Bank is focused on improving its digital offer to help customers access information and manage their finances in real time.