Sainsbury’s Bank has named former Eurostar boss Hamish Taylor as chief executive.
Taylor, who resigned from Eurostar last month – as exclusively revealed in Marketing Week (MW November 4) – will replace Rodger McArthur, who has been head of Sainsbury’s Bank since its launch three years ago.
McArthur is to return to Bank of Scotland – Sainsbury’s partner in the banking venture – to take up an as yet undisclosed role.
McArthur says: “I’ve come to the end of my three-year secondment. Bank of Scotland appointed the first chief executive, and Sainsbury’s is appointing the next one. I’ve done my stint, and the bank has now moved into profit.”
He refuses to comment on whether he will have a role in Bank of Scotland’s bid for NatWest.
Taylor stunned the travel industry when he left Eurostar, having worked at the company since 1996. At the time, Eurostar said he was leaving to take up a senior position at another company, but refused to reveal which. Before joining Eurostar, Taylor was British Airways general manager for brands.
He will join Sainsbury’s Bank as it reaps its first rewards. The venture claims to be the first supermarket bank to have moved into profit, with a surplus of £900,000 for the first six months of this year, £1.6bn deposits and loans worth less than £1bn.
The bank is one of the more successful parts of Sainsbury’s business. The supermarket side has faced a slide in profits recently.