Directorate Change
June 25 2003 - 9:53AM
UK Regulatory
RNS Number:7681M
Abbey National PLC
25 June 2003
Board Director Mac Millington to take early retirement
Abbey National announces today that Mac Millington, Customer Operations
Director, 52, has decided to take early retirement at some point later this
year. Mac will remain with Abbey National until a successor arrives and a smooth
transition has been implemented.
Luqman Arnold, Chief Executive of Abbey National, said: "Mac has made an
enormous contribution to Abbey National and we will be very sorry to see him go.
Mac first discussed his intention to take early retirement with the Chairman at
the end of last summer, so I'm very grateful to him for agreeing to put the
business before his personal plans and help us to lay the foundations for the
successful delivery of our new strategy. His experience has proved invaluable in
overcoming the challenges we face in transforming the bank. I would also like to
thank him for agreeing to stay on until his successor arrives. He will leave the
company with all our best wishes.
"We are announcing Mac's intentions at this point because we have now appointed
recruitment consultants to help us identify an internal or external candidate to
pick up the reins from him. We don't expect to make an announcement about a
successor for several months, during which time the division will move forward
at the same pace under Mac's leadership."
Mac Millington said: "I have had more than 28 challenging and successful years
at Abbey National. I was lucky enough to be part of Abbey National's
transformation from building society to one of the UK's leading banks. I will
take away some wonderful memories with me.
"Abbey National has great people and a respected brand. I am fully behind the
new strategic direction and I'm glad to have played a part building the
foundations of what I'm sure will be a successful future. That said, I am
looking forward to enjoying my retirement which I have promised my family and
myself for some time now."
Mac joined Abbey National in 1975 and has held a number of senior management
positions. He was appointed Head of IT for Abbey National Retail in 1993 and
Group IT Director in 1997. Mac was appointed to the board of Abbey National in
January 1999 and became Managing Director of Wealth Management and Long Term
Savings in 2002. Following Abbey National's organisational restructure in
February 2003, Mac was appointed to his present role.
Recently, Mac oversaw the launch of cahoot in 2000 - Abbey National's successful
standalone internet bank - and the purchase of Fleming Premier Banking in 2001.
In 2002, Mac reorganised Abbey National's life operations and was instrumental
in the creation of Abbey National for Intermediaries (ANfI) which has
revitalised the company's relationship with the intermediary market.
Ends
Media and Investor Contacts
Jon Burgess (Head of Investor Relations) 020 7756 4182
Christina Mills (Head of Media Relations) 020 7756 4212
Matt Young (Media Relations) 020 7756 4232
This information is provided by RNS
The company news service from the London Stock Exchange
END
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