City of London Group: Board changes
City of London Group Plc (AIM: CIN) announces that Colin Wagman will be retiring from his role as non-executive chairman of the Company on 10th June 2021. We are pleased to confirm that Philip Jenks, chairman of COLG’s subsidiary Recognise Bank, will succeed Colin as non-executive chairman of COLG on 10th June 2021.
Colin has been chairman since October 2017, during which time COLG has successfully launched Recognise Bank, culminating in it receiving Authorisation with Restrictions (“AwR”) in November 2020.
Having successfully delivered the new corporate strategy set out in late 2017, and with the next phase of Recognise’s development to begin shortly as a fully licensed bank, Colin believes that this is a logical time to step down and pass the chairmanship to Philip Jenks who he has worked closely with in recent years.
Philip Jenks was appointed as an independent non-executive director to COLG in February 2021 and has had a long and successful career in banking. Before joining Recognise in 2019, he was first an independent non-executive director and then chairman at Charter Court FS Group and was closely involved in its successful banking licence application. After obtaining banking permissions in 2015, Philip was involved in the launch of Charter Savings followed by a successful IPO in October 2017. His experience also includes being a non-executive director of Leeds Building Society between 2011 and 2020 and in 2020 he became chair of Auden Group Ltd, a ‘for profit’ Social Enterprise intent on changing the face of UK consumer finance.
Michael Goldstein, CEO of City of London Group, commented: “I would like to give my thanks to Colin for his hard work over the past three-and-a-half years. His knowledge, experience and leadership have
helped immensely as we embarked on our journey to launch a new relationship-driven SME bank.’’
“As Recognise moves towards receiving its full banking licence and the Bank is positioned centre and forefront of the Group’s strategy, I am delighted that Philip has agreed to become chairman of COLG which will provide excellent continuity.”