Santander’s prolonged search for a new chief executive could force Nathan Bostock to stay in the role beyond the end of the year.
The process for finding the next boss is under way, but one headhunter said a replacement for current chief Bostock is ‘unlikely’ to be in place before 2022.
Santander, Britain’s fifth-largest bank, had originally said in April that Bostock ‘will step down as CEO towards the end of the year and start his new role when a successor has been appointed’.
Change of plan: Santander had originally said in April that Nathan Bostock ‘will step down as CEO towards the end of the year
He is set to become head of investment platforms at Banco Santander, the bank’s Spanish parent company. However, this move will be delayed if his replacement is not found before January. The Mail on Sunday revealed earlier this year that Tony Prestedge, who was deputy chief executive and was widely tipped for the top job, had left the bank.
Before joining Santander last September, Prestedge had held the same position at Nationwide Building Society and had seemingly been lined up as Bostock’s successor.
His mysterious departure after less than a year at the bank is understood to have thrown Bostock’s succession plans into turmoil. Santander chairman William Vereker, who was Theresa May’s UK business envoy, is leading the selection process.
Susan Allen, who was chief executive of retail and business banking, was another contender. However, she left in the summer to join Barclays. Santander said: ‘The search for our CEO is ongoing and progressing well.’
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