The Edinburg-based British retail bank, Tesco, solely owned by Tesco Plc. since 2008, seeks to appoint British businessman and the Chair of UK Research and Innovation, Sir John Oliver Frank Kingman, 50, who oversaw the bailouts of UK banks during the era of great financial depression of 2008-2009, as its Chairman, a source directly briefed over the subject-matter had unveiled on Monday, the 7th of October 2019.
Nonetheless, over the last weekend, a Sky News report had first reported that the Edinburgh-based retail lender, Tesco Bank, had been lining John Kingman up to be its Chair. However, on Monday (October 7th), Tesco Bank’s management board had appointed Kingman as a non-executive director of the retail lender, while Kingman was expected to replace Graham Pimlott as the retail lender’s Chairman in a few months, the source said on condition of anonymity as the source was not authorized to speak over the issue on public.
Meanwhile, adding that he was delighted to have Sir John in the board, who oversaw Britain’s response during 2008’s financial crisis, Tesco Bank’s current Chair, Pimlott said on Monday (October 7th), “I am delighted to welcome Sir John to the board.
His experience speaks for itself and will be invaluable as we drive the change required to ensure the bank can best serve a broad range of Tesco customers. ” Besides, followed by the reveal of the news, London Stock Exchange-listed shares of Tesco Plc. surged by 0.40 per cent to £237.20 in extended trading.