Belfast Telegraph

Tesco Bank chief Higgins to step down after decade

By Ben Woods

Tesco Bank has begun hunting for a successor to outgoing chief executive Benny Higgins and says customer numbers have kept growing despite last year's cyber attack.

Mr Higgins said the search for his replacement would start immediately after announcing he would bring to an end a 10-year tenure by stepping down in February 2018.

However, he dismissed the idea that his decision was linked to the cyber-heist in November 2016, which forced the lender to pay out £2.5m to 9,000 customers who had money stolen from their accounts.

Speaking about his departure, he said: "One of the tough choices that not everybody can make is choosing the time that is right for them and right for the business. I think 10 years is, for me, a very obvious time to embark on something else, and is a good time for the business to bring in fresh leadership."

When asked who might lead the bank in the future, he said it was "very early days" and the decision would be made by the bank's board.

Belfast Telegraph