Embattled TSB chief Paul Pester resigns after IT issues cripple bank – Finance

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  • Paul Pester, CEO of TSB, resigned on Tuesday after the IT crisis in April, which affected millions of customers and still causes problems.
  • Richard Meddings, the former chairman of the bank, will take Pester's intermediate place, as they perform a "full public search" for the new CEO.
  • The news comes after the British MP gave pressure to Pester to resign in June, saying he should "seriously think about whether his position was sustainable."

Executive Director of TSB, Paul Pester, resigned after a catastrophic IT update and a crisis in April, which affected millions of customers and still causes a five-month breakdown.

Pester, who headed the bank for seven years, will immediately hand over the reins to the non-executive director Richard Medding. Meddings will manage the bank temporarily, as it performs a "full public search" for the new CEO.

Meddings acknowledged that IT problems had not yet been fully resolved, as he announced the departure of Pester. Last weekend, there was another break in the system, which hit thousands of customers.

"Despite the fact that to achieve full stability for customers there are more opportunities, the IT systems and services of the bank have significantly improved after the migration of IT," Medders said.

Therefore, Paul and the council agreed that it was time to appoint a new executive director for TSB. Therefore, our goal is to provide a full search, without any distractions, allowing BSB to build on the future. "

The news comes a few months after the British MP put pressure on Pester to resign in June, saying he should "seriously think about whether his position was sustainable."

Pester said: "The last few months have been difficult for everyone in the TSB. Nevertheless, I want to thank all my colleagues from the TSB for their dedication and commitment to this period, and also for their focus on ensuring that everything is right for TSB customers. "

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