Business
Sabadell picks Marc Armengol to replace Robin Bulloch as TSB’s CEO
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MADRID (Reuters) -Marc Armengol will succeed Robin Bulloch as Chief Executive Officer of Britain’s TSB bank at the beginning of 2025, its Spanish owner
MADRID (Reuters) -Marc Armengol will succeed Robin Bulloch as Chief Executive Officer of Britain’s TSB bank at the beginning of 2025, its Spanish owner Banco Sabadell <SABE.MC> said on Friday.
Bulloch, who will retire after a 45-year career in retail
banking, had joined TSB in 2019 and had been appointed CEO in 2021.
The reshuffle comes at a moment when Sabadell is trying to fend off a hostile takeover bid by its larger rival BBVA and when TSB is undergoing a restructuring process to improve its profitability.
Armengol has been a member of the board of directors of TSB since 2022. Prior to that, he held the position of director of corporate strategy from 2018 to 2021, when he helped transform and boost TSB’s digital business, Sabadell said.
He joined Sabadell in 2002 and in 2021 became director of operations and technology and member of its management committee.
(Reporting by Jesús Aguado, editing by Inti Landauro)
Corporate strategy refers to the overall plan for a company to achieve its goals and objectives, including decisions on resource allocation, business direction, and competitive positioning.
A hostile takeover occurs when an acquiring company attempts to take control of a target company against the wishes of the target's management, often through purchasing a majority of shares.
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