TSB hires CYBG’s Debbie Crosbie as new CEO after IT disaster

TSB announced that it has hired Debbie Crosbie as its new CEO, with her taking up the post in 2019. Crosbie will leave CYBG, where she has served for nearly 20 years with her most recently holding the position of COO at the bank.

The move will see the UK lender’s current CEO Paul Pester step down after presiding over the introduction of a new IT system that plunged the bank into a meltdown that resulted in millions of its customers unable to access online banking services.

‘When we began the search for a new CEO, we were looking for someone who shared our vision for TSB, who had a strong track record in financial services, and who would inspire TSB Partners to fulfil TSB’s true potential,’ Executive Chairman at TSB Richard Meddings said.

“In an impressive field of candidates, Debbie stood out. With over two decades of experience, superb retail and SME banking expertise, and a genuinely open and engaging style of leadership, we have found an outstanding new CEO.’

A new challenger approaches

TSB’s digital failings that left millions of customers without access to basic financial services dealt a major blow to the bank and dented its self-proclaimed title of being a leading digital challenger bank.

The UK lender is hoping for big things from Crosbie, with the bank struggling ever since it was spun off from Lloyds Banking Group in 2013 and listed on the London Stock Exchange the following year.

Shortly after going public, TSB was acquired by Spanish lender Sabadell in 2015. Following the takeover, Sabadell attempted to migrate customer account information from Lloyds to its in-house platform, with the move ending in disaster with customers locked out of their accounts.

The IT meltdown cost the company more than £150 million.

‘Debbie brings a clear challenger mindset to TSB and she shares our vision for what a strong challenger bank can achieve for customers,’ Meddings said.

‘I’m confident that Debbie will have great chemistry with the TSB Executive Team and together they will drive our ambition to become the leading challenger bank in the industry.’

‘As we look to the new year, TSB can now look forward with renewed ambition,’ he added.