Richard Tugwell, Virgin Money’s director of intermediaries, is to leave the lender after 30 years in the role at both Virgin and Northern Rock.
Richard Tugwell, Virgin Money’s director of intermediaries, is to leave the lender after after a 30-year career spanning both Virgin Money and Northern Rock.
A spokesman from Virgin said: “Richard Tugwell has decided that the time is right to undertake a new career challenge and will leave the business later in the year.
“This was entirely Richard’s decision and he will be missed. We wish Richard well for the future and thank him for his effort and commitment in developing the intermediary business over the past 30 years.”
David Buxton, formerly investments and commercial partnership director at Virgin, has joined the team as director of intermediary field sales while John Truswell will continue in his role as head of national accounts.
Both Buxton and Truswell will both report to Peter Rogerson, commercial director mortgages and savings at the bank.
The spokesman added: “We look forward to continuing to work with each of our intermediary partners to strengthen our proposition and support our common goals and ambitions.”
Tugwell joined Northern Rock in 1986 and was head of national sales at the bank for over 25 years. Following the collapse of the lender in 2007, precipitating the credit crunch, the “good” part of the bank was bought from the government in 2011 by Virgin Money for just half the amount that the UK taxpayer injected into the bank.
Following the sale Tugwell became director of intermediaries.