The UK’s second-largest building society, Bradford and Bingley, is
looking for a group corporate affairs head to handle investor relations
as it transforms itself into a bank.
The post will be responsible for all aspects of PR and government
affairs and will assist the society’s demutualisation process, the
member windfalls that will result and the pounds 50 million
flotation.
’As we move from a building society to a plc, we have a whole new
stakeholder - the City - and we need to beef up our experience in that
area,’ said Ruth Blakemore, the building society’s group commercial
director.
Bradford and Bingley CEO Christopher Rodrigues said the new role’s
emphasis was very much on investor relations, because the company has no
experience in this area.
A salary of pounds 120,000 per annum has been mentioned in connection
with the position, although Rodrigues said the salary would vary
according to who was appointed.
London-based headhunter KKR is leading the recruitment drive and
Blakemore has already interviewed a ’handful’ of candidates.
The new role will report to Blakemore, and it is likely that the
company’s most senior PR adviser, corporate affairs executive Chris
Holland, will report to the post.
Bradford and Bingley retains Bell Pottinger Financial for corporate and
financial PR and Lawson Lucas Mendelsohn for public affairs. These
relationships will remain at present, said Blakemore.
The building society is being forced to demutualise after a 63 per cent
turnout of its members voted by 62 per cent to 38 per cent for a
conversion to a plc in April - against the desire of the society’s
board.
It is expected to spend pounds 50 million on its flotation, which is
valued at pounds 3 billion and is scheduled for completion by the end of
2000.
Bradford and Bingley saw a rise in its pre-tax profits in the six months
to June 30 to pounds 79.3 million from pounds 65.4 million in the same
period of 12 months previous.
