peter griffiths sainsburys bank

Sainsbury’s Bank CEO Peter Griffiths is to step down from his role next year.

Griffiths is set to retire in 2020 after running the bank since November 2012.

Prior to his time at Sainsbury’s Bank, he was group chief executive of the Principality Building Society for a decade, after working for Natwest from 1977 to 2000, having started out as an office junior.

His retirement comes as Sainsbury’s continues its ongoing strategy to diversify and grow its banking arm to become a “destination bank” for customers, after acquiring the Nectar loyalty scheme in February 2018 for £60m.

Griffiths became a member of Sainsbury’s operating board following its acquisition of the remaining 50% stake in the bank from Lloyds Banking Group in February 2012, which was followed by a senior management team reshuffle in 2014. This saw several changes including then MD of general merchandise, clothing and logistics Roger Burnley named retail and operations director, retail director Helen Buck become business development director, and Mike Coupe step into the CEO role owing to Justin King’s departure.

“We can confirm we are in the early stages of succession planning for Peter Griffiths, CEO of Sainsbury’s Bank, who plans to retire in 2020,” a spokeswoman for Sainsbury’s told the Grocer.

She added his successor had yet to be determined, with the recruitment search currently in the “early stages”.