Virgin Money FD quits and pockets £3m

The finance director of challenger bank Virgin Money, which has one of its four main bases in Edinburgh, has resigned less than a year after the lender floated on the stock market.

Lee Rochford, who is also an executive director of the company, will walk away with £3 million in shares, options and basic salary of £475,000 following his shock departure.

The lender said that Mr Rochford’s temporary successor will be Virgin Money strategy director and former finance director Dave Dyer.

The search for a full-time replacement is currently being sought, the company said yesterday.

Mr Rochford, who will remain in his executive role at Virgin until next August, had led the company through a successful flotation in November 2014 and the business had performed well since, it said.

Glen Moreno, chairman of Virgin Money, said: “I would like to thank Lee for his contribution, both to the board and as chief financial officer, and wish him well for the future.

“We are well-placed to find a talented successor to take the business forward.”

Chief executive, Jayne-Anne Gadhia said: “I have known Lee for many years, and together we achieved the successful listing of Virgin Money on the London Stock Exchange.

“Lee made an invaluable contribution to our IPO and to our first year as a listed business.”

Mr Rochford said: “I am proud of what we have delivered together at Virgin Money in the past two years, and I have achieved what I set out to do when I joined the business.

“I am ready now for a new challenge outside of Virgin Money and I wish Jayne-Anne and all of the team every success for the future.”