Reshuffle at the top as Tesco Bank is restructured

TESCO Bank has unveiled a management reshuffle and a new structure ­following the surprise departure of a key member of chief executive Benny Higgins’s top-level staff.

Higgins is reshaping his team around two distinct banking and insurance divisions and is set to announce a managing director to run the latter.

The Edinburgh-based bank said in an internal announcement that chief operating officer Shaun Doherty will depart at the end of this week.

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Doherty was considered a close ally of Higgins, following him from Standard Life to HBOS and then to Tesco in 2008 shortly after it reached agreement with Royal Bank of Scotland to buy out its share in their joint banking venture. One of his main roles was overseeing the bank’s IT system.

The new executive committee, reporting directly to Higgins and coming into effect on 1 September, will include Iain Clink, deputy chief executive, and David McCreadie, managing director, banking. Chris Brocklesby becomes chief information officer accountable for business and IT.