Egg director makes abrupt departure

Egg, the UK’s first stand-alone Internet bank, has lost Tony Anderson, its high-profile retail marketing director.

Anderson, who was poached from easyJet earlier this year, says he left Egg by “mutual consent” last week.

He refused to comment on his future plans and a replacement has yet to be found.

Anderson’s brief was to turn the Egg brand from an online bank into a broad-based retailer.

The abrupt nature of his departure will be a blow to the company which is under pressure from shareholders to curb losses.

Egg was also involved in a disappointing float earlier in the year and the subsequent change in business strategy may have frustrated him.

Egg, which is majority-owned by Prudential, has become one of the best-known brands in the UK with its surreal form of advertising.

But highly competitive bank rates and a &£30m ad spend contributed to a &£115m loss in the nine months up to September.

It hopes the losses will be raked back by cross-selling new products to its 1.2 million-strong customer base. The bank says it expects to break even in the fourth quarter of 2001.

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