The Virgin Money UK (ASX: VUK) share price will be on watch today following the announcement of a new group CFO appointment. The Virgin Money share price finished the day yesterday at $2.50. It will be interesting to see where its shares head today.
New CFO appointment
According to the release, Virgin Money announced that it has appointed Mr Clifford Abrahams to the role of executive director and CFO. It’s expected that Mr Abrahams will join the group in March next year, succeeding interim CFO Mr Enda Johnson.
Subject to regulatory approval, a handover of responsibilities will take place to allow a smooth transition between the two heads.
Mr Abrahams is currently in another CFO role for ABN AMRO Bank, having been in the role since 2017. Prior to that, he was group CFO at the Dutch insurer Delta Lloyd, holding several positions at Aviva. Mr Abrahams spent the early part of his career in investment banking with the financial institutions group at Morgan Stanley.
Management commentary
Commenting on the appointment, Virgin Money CEO Mr David Duffy said:
Clifford has a proven track record as a CFO of publicly listed financial services companies and will be a strong addition to our leadership team. Clifford’s deep experience and financial services knowledge will be of great benefit as we navigate an uncertain economic environment and ultimately deliver on our ambition to disrupt the status quo in UK banking. I would also like to thank Enda Johnson for his strong stewardship as our Interim Group CFO during what is a uniquely challenging time.
Mr Abrahams added:
I am delighted to have been appointed as CFO of Virgin Money UK. It is an exciting company with strong foundations and unique opportunities to disrupt the UK banking industry, and I very much look forward to getting started next year.
About the Virgin Money share price
The Virgin Money share price has been storming higher since it hit a low of $1.06 in April. Investors who bravely held on as its airline division delisted have since seen gains of up to 135%.
However, the Virgin share price is still a long way off its 52-week high of $4.15 reached in December 2019.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
More reading
- ASX 200 Weekly Wrap: ASX continues to hit post-COVID highs
- These were the best performing ASX 200 shares last week
- ASX 200 surges again on Wednesday
- Why the Virgin Money (ASX:VUK) share price surged 15% today
- ASX 200 up 1.3%: CBA Q1 update, tech shares rebound, JB Hi-Fi sinks
Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post Virgin Money (ASX:VUK) share price on watch following CFO appointment appeared first on Motley Fool Australia.
from Motley Fool Australia https://ift.tt/36Op3hQ
Leave a Reply