Internet bank Smile has poached Bob Head, commercial director of Prudential’s Egg, to head the operation.
Head became the first director of Smile this week. He reports to Co-operative Bank chief executive Mervyn Pedelty.
Smile was launched last October, under the management of the Co-operative Bank.
Sources say Head has been brought in to build an exclusive management team for Smile. This is expected to include a new marketing unit.
However, it is understood David Conway, executive director of marketing at the Co-operative Bank, will take up a group marketing role, working across both brand’s marketing teams.
A Co-operative Bank spokesman confirmed Head has been appointed to review the relationship between the two. But he says no decision has been made on whether to run Smile as a separate entity.
Smile last week announced it is reviewing its advertising account, held by Partners BDDH, just three months after its launch.
Partners BDDH also works on the Co-operative Bank account. Sources say that if the two brands are to have separate management structures, with different marketing strategies, they may separate different agencies.