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News 01 January 2022

Board changes

The Board would like to announce the appointment of Simon Moore and Mark Sismey-Durrant as non-executive directors to the Board with effect from 9 January 2022. Simon Moore will take up the role of the Chair of the Board and Board Nominations Committee and Mark Sismey-Durrant will take up the role of Senior Independent Director and Interim -Chair of the Board Risk Committee.

Simon Moore has extensive regulatory and financial services experience in consumer, SME, and corporate banking together with regulatory and general financial services experience from his roles in Cambridge & Counties Bank, Barclays Bank and Chase Manhattan Bank. In addition, he was a member of the management board of the Confederation of British Industry (CBI). He is currently the Chair of Cambridge & Counties Bank and RCI Bank UK.

Mark Sismey-Durrant has over 40 years' experience in banking with a particular focus on specialist challenger banking, having been CEO of three such banks over a period spanning 23 years - Sun Bank Plc, Heritable Bank Plc and, most recently, Hampshire Trust Bank. He is currently also Chair of fintech Cashplus Bank.

Garry Stran, Interim Chief Executive Officer, commenting on the changes said,

"I would like to welcome Simon and Mark to the Board who I know will bring a new perspective and fresh ideas as we complete the resolution of historical issues and develop the future strategy for the Group'.

"Both Simon and Mark's experiences within the banking sector will prove invaluable to the Board as we look forward to the exciting challenges and opportunities for PCF Bank in 2022 and beyond".

Following the implementation of these appointments, as previously announced, Tim Franklin will step down as a director and Chairperson (and in any event will do so by 31 January 2022) at which time the Board will then comprise the following Directors:

Simon Moore, Independent Non- executive / Chair designate
Mark Sismey-Durrant, Independent Non-executive / Senior Independent Director designate
Mark Brown, Non-executive
Christine Higgins, Independent Non-executive
David Morgan, Non-executive
David Titmuss, Independent Non-executive
Garry Stran, Interim Chief Executive Officer
Caroline Richardson, Chief Financial Officer

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