TSCDY Tesco PLC (PK)

By Ian Walker

Tesco PLC's financial-services arm, Tesco Bank, said Friday that John Kingman has been appointed chairman of the bank from July 7, replacing Graham Pimlott who is retiring after eight years in the role.

The bank said that to ensure a smooth transmission ahead of Mr. Kingman's appointment Senior Independent Nonexecutive Director Jim Willens has been appointed interim chairman for 12 weeks.

Mr. Kingman joined the bank last November, having been previously chairman of Legal & General Group. It was reported at the time that he would become chairman when Mr. Pimlott stepped down.

Mr. Kingman was closely involved in the U.K. government's response to the financial crisis as second permanent secretary to the U.K.'s Treasury. He is also known for leading an independent review of the U.K.'s Financial Reporting Council in 2018, for which he recommended to replace it with a new Audit, Reporting and Governance Authority.

Messrs Willens and Kingman's appointments have been approved by the board, Financial Conduct Authority and Bank of England's Prudential Regulation Authority.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

April 17, 2020 06:59 ET (10:59 GMT)

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