John Lewis Partnership has appointed former Tesco Bank chief executive Gerry Mallon to the board of John Lewis Finance as it looks to grow its John Lewis Money business.
Mallon has joined as an independent non-executive director of John Lewis Finance Limited, the regulated subsidiary that oversees John Lewis Money.
He brings more than 20 years of leadership experience in financial services, including more than six years as chief executive of Tesco Bank.
Mallon has also previously led Ulster Bank Ireland and Danske Bank, and is currently chief executive of financial services firm True Potential.
He also serves as a non-executive director of Heart of Midlothian Football Club.
John Lewis Money offers financial products including insurance, the Partnership Credit Card, travel money and point-of-sale payment options.
The business has been positioned as a growing part of John Lewis Partnership’s wider retail strategy, helping the group deepen customer relationships across John Lewis and Waitrose.
John Lewis Money serves 1.4m customers and helped facilitate £1.5bn of customer spend across the two brands last year.
The company is continuing to expand its proposition after becoming an FCA-authorised and regulated insurance and credit broker.
The move allows the business to work with a panel of insurers rather than relying on a single insurance partner, with John Lewis saying this will support more competitive pricing and broader cover for customers.
Chair Jane Hanson said: “I am delighted to welcome Gerry to the board of John Lewis Money at such an exciting time for the brand.
“He brings deep sector expertise and a strong understanding of how to build customer-focused financial services businesses.
“His insight will be hugely valuable as we continue to grow John Lewis Money and build on the distinctive place the brand holds in the market.”
Mallon said John Lewis Money had “a strong reputation and a distinctive position in the market”, adding that its focus on trust, service and quality gave it “a powerful platform for growth”.
He said: “I’m delighted to be joining the board at such an important point in its journey and look forward to working with the team to support the continued development and success of the business.”
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