Cahoot marketing supremo Deborah Cutler is leaving the business in June as parent Abbey starts to restructure the online bank.
The departure of the marketing director coincides with 13 redundancies at the bank, as Abbey prepares to reduce its workforce by 3,000 – a target agreed with the bank’s new owner, Banco Santander Central Hispano.
Cutler’s departure will also result in the merger of the business development and marketing departments at Cahoot into a new sales and marketing department.
Cutler has worked with Cahoot since before the bank launched in 2000, at first as head of brand. She was promoted to marketing director in May 2003 (MW May 8, 2003) after previous marketing director Tim Sawyer became head of Cahoot, effectively the bank’s managing director. However, Sawyer left at the end of January this year, and was replaced by Martin Plant, previously head of operations.
Martin Peterlechner, previously Cahoot head of products, will be heading the new department as sales and marketing director.
Last month, Cahoot’s owner Abbey confirmed that it was reviewing its &£30m ad account, held by TBWA/London, following the bank’s acquisition by Spanish company Banco Santander Central Hispano (MW February 17).
Last week, Abbey announced it was changing its corporate identity for the second time in 14 months, to one that incorporates the Banco Santander flame logo.