Debbie Crosbie to lead TSB fightback from IT crisis

TSB has appointed a new chief executive to lead a fightback from its damaging IT migration failure earlier this year.

The bank said Debbie Crosbie would be an "outstanding CEO" once she leaves her current role as chief operating officer at rival CYBG (Frankfurt: 42YA.F - news) .

It has been a year to forget for the bank.

Two million online and mobile customers were locked out of their accounts and exposed to fraudsters in April when the transfer of information to servers operated by owners Banco Sabadell went wrong.

Chief (Taiwan OTC: 3345.TWO - news) executive at the time, Paul Pester, later fell on his sword amid stinging criticism by MPs (BSE: MPSLTD.BO - news) of his handling of the failures.

:: Complaint backlog at TSB as IT fiasco bill hits £250m

The IT disruption, which lasted for months but has since stabilised, has cost the bank at least £250m.

TSB said on Monday that Ms Crosbie, a 20-year veteran of CYBG, would begin work on a date to be fixed next year.

Richard Meddings, who became executive chairman after Mr Pester's departure, will remain in the role until her arrival.

He said of the appointment: "When we began the search for a new CEO, we were looking for someone who shared our vision for TSB, who had a strong track record in financial services, and who would inspire TSB Partners to fulfil TSB's true potential.

"In an impressive field of candidates, Debbie stood out. With (Other OTC: WWTH - news) over two decades of experience, superb retail and SME (small and medium-sized enterprise) banking expertise, and a genuinely open and engaging style of leadership, we have found an outstanding new CEO."

He added: "Debbie's appointment is another step forward against the three priorities we set out in September, namely: completing the work of putting things right for customers; achieving full functionality across all TSB products and services; and appointing the right CEO for the next chapter of TSB.

"As we look to the new year, TSB can now look forward with renewed ambition."

Ms Crosbie said: "I've known and admired TSB for many years and I have huge respect for the values on which TSB has been built.

"A lot of banks talk about creating the right culture, but TSB has it. The passion and commitment of TSB Partners to deliver for customers is second to none.

"The exciting thing about TSB is just how much potential the bank has to redefine banking to better serve customers and their changing financial needs.

"Thanks to the skill of TSB Partners, the strength of TSB's network, and the capabilities within the bank to deliver, TSB has all the right ingredients to be the leading challenger bank in the UK."