New CEO appointment at Hodge

 

Steve was previously CEO of Shawbrook Bank, where he led the company for almost three years. During this time it continued to achieve strong double-digit growth in balance sheet and revenues culminating in the ‘take private’ transaction with Pollen Street Capital and BC Partners.

Prior to his role at Shawbrook, Steve led the U.K. banking businesses of Santander and was responsible for building out Santander’s business and corporate banking activities. Before joining Santander, he had a number of senior management roles at Royal Bank of Scotland across its Corporate and Retail Banking Divisions.

Steve recently joined Bank of Ireland as a Non-Executive Director; he is Vice President of the Chartered Banker Institute and a member of Council. He also chairs the Advisory Board of Arora Hotels.

Commenting on his appointment, Steve said “I am delighted to be joining Hodge as it seeks to build on the strong foundations it has already laid in its retail and commercial banking and life assurance businesses. It has a unique ownership structure and ethos that is hugely attractive in terms of creating a sustainable business that then seeks to support those in the communities in which it operates. As a newcomer to the business, I am looking forward to learning more and to working with the team that has taken the group this far on its journey”.

As previously announced, David Austin is retiring from the group after a very successful 28-year tenure, first as Finance Director and for the last 20 years as Managing Director. On his pending retirement David said “The past 28 years at Hodge have been very rewarding and I’m looking forward to my retirement. Before that, I’ll be working closely with Steve to ensure a smooth transition in the New Year.”

Adrian Piper, Chairman of Hodge said “On behalf of the Board I extend our thanks and appreciation to David for his outstanding commitment and leadership over almost three decades. We wish him well in his upcoming retirement. We’re delighted to welcome Steve to Hodge and the Board is very much look forward to working with him.”


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David Austin to retire as Managing Director of Hodge

David has been a great ambassador for Hodge for the best part of 28 years, first as Finance Director, and for the last 20 years as Managing Director. In that time Hodge has grown significantly, increasing its assets from £70m in 1990 to £1,846 million today. Commenting on his retirement, David Austin said: “The past 27 years at Hodge have been immensely rewarding. I’m delighted to say Hodge is stronger than ever and I’m proud that the business supports thousands of customers every day across various businesses. Through the work of the Hodge Foundation, the impact of Hodge’s success has been shared with many charities supporting a variety of causes. I’m confident Hodge will continue to flourish and I will be working with the Board to ensure a smooth handover to my successor”. Adrian Piper, Chairman of Hodge said: “Working alongside David as Managing Director has been a privilege. His experience and knowledge of the group has been invaluable to me personally, and to the Board. David is widely respected across the organisation and has been instrumental in building Hodge to be the strong and successful business it is today. We wish David well in his upcoming retirement, but will continue to benefit from his leadership until his successor is appointed and handover complete.” The Board has engaged Odgers Berndtson to support the search for a new CEO. Whilst the search is ongoing, it is business as usual for Hodge, continuing to offer great products and services to both existing and new customers across its key markets of commercial lending, lending into retirement and savings.

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Hodge reports record results

Hodge Bank, which specialises in commercial and later life lending recorded pre-tax profits of £22.8 million, driven primarily by excellent new business and fee levels in commercial lending. Net interest income rose by 97% to £13.2 million and net operating income from trading activities rose by 86% to £14.3 million. Hodge Life Assurance Company, which offers equity release and annuities under the Hodge Lifetime brand, made £27.4 million pre-tax, resulting from strong trading underpinned by a significant increase in pension annuity new business premiums which were 61% up on the previous year. Group total assets exceeded £1.9 billion at the end of the financial year. Keith James, Chairman of both companies said: “It has been a tremendous year. Following the business’ move to One Central Square last September, and its rebrand to trade under the Hodge name, the group’s result has been underpinned by a record performance in both of our main businesses, and we have created a very strong platform for future growth” David Austin, Group Managing Director noted: “We are very proud of our 2016 results, and I’m grateful to our staff who have played an important part in this achievement. Nevertheless, we enter 2017 with a degree of caution. The adoption of a new financial reporting regime has meant that market factors such as interest rates and house prices have a much greater influence on the reported outcome than previously, and whilst the effect has been favourable in 2016, our results will inevitably be more volatile in future. However, the fundamentals underpinning our business remain strong and I have no doubt we can deal with the vagaries of market movements as they occur.” The success of the Hodge group has enabled dividends to be paid to The Hodge Foundation, a charity supporting welfare, medical, academic and religious causes which owns 79% of the Hodge group. By helping its customers to achieve their goals and being successful in its own right, the group assists the Foundation in meeting its charitable objectives.

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