Phillip Monks to retire

Monks founded Aldermore from scratch over 11 years ago during the financial crisis.

Phillip Monks to retire

Phillip Monks has confirmed that he plans to retire as chief executive of Aldermore Group during the course of 2021.

Monks founded Aldermore from scratch over 11 years ago during the financial crisis.

Pat Butler, Aldermore group chairman, has begun the process to find Monks successor.

Butler said: “On behalf of the Board and all my colleagues at Aldermore I want to thank Phillip for his outstanding leadership of our organisation for over a decade, and for creating and building a healthy and resilient bank.

"The Board want to ensure a smooth transition, so Phillip’s early signal to retire and his flexibility has enabled us to get the search for his successor underway. Once this is complete, we will announce a specific date for transition.”

Alan Pullinger, CEO of FirstRand Limited, the South African financial services group that acquired Aldermore in 2018, said that given the operational and strategic integration of Aldermore was now complete, Monks decision was not unexpected.

He added: “We knew that at some point Phillip would be retiring to spend more time with his family and pursue his other interests, and he has given the Aldermore Board plenty of time to appoint a replacement and manage the transition,” he commented.

“Phillip has led the integration of Aldermore into FirstRand over the past three years and that process is now complete. I thank Phillip for his valuable contribution to FirstRand and for shaping our strategy to build an impressive banking business in the UK.”

Monks said: “I am extremely proud to have led Aldermore for these past 11 years and of everything we have achieved together.

"This bank emerged from my dismay at the withdrawal of financial support to small and medium sized businesses during the financial crash of 2008, just at the time they needed it most. I was determined to help SMEs get the access to lending they so desperately required.

“Now, over a decade on, we are backing the UK economy through the billions of pounds we lend every year to help a diverse range of businesses, homeowners and vehicle owners around the country, while also enabling customers to achieve their long term savings goals.

“Announcing my intention to retire next year brings mixed emotions as Aldermore has been such an important part of my life, yet I know I will be leaving the organisation in a resilient position for its next stage of growth.

"Meanwhile, I remain focused on the task in hand, putting our strategy into action and above all backing our customers through the significant challenges they face in what is a volatile and uncertain environment.”