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OakNorth appoints finance industry heavyweight Lord Adair Turner as new chair

The former chair of the Financial Services Authority has been involved with OakNorth since its founding in 2015

Lord Adair Turner / House Of Lords

Lord Adair Turner / House Of Lords

Neobank OakNorth over the holiday period announced that financial services industry heavyweight Lord Adair Turner would be taking over as chair of its board.

Turner previously served as chair of the UK’s Financial Services Authority (FSA) in the wake of the collapse of Lehman Brothers and the start of the global financial crisis.

As well as his role at the FSA, Turner also served as vice-chairman of Merrill Lynch Europe, on the board of Standard Chartered, a member of the Court of the Bank of England, and a founder member of the Financial Policy Committee.

OakNorth’s current chair Cyrus Ardalan stepped down at the end of 2023 after eight years in the role, a move the company said was in line with the Corporate Governance Code.

“I’ve been following OakNorth’s impressive growth story since I first met Rishi Khosla and Joel Perlman back in 2014, and am excited by the opportunity to support its continued success,” Turner said on his appointment.

One particular area of interest is OakNorth’s plan to reach net zero by 2035, as Turner was the first chair of the FSA’s Committee on Climate Change and is currently chair of the Energy Transitions Commission.

“The business has impressive growth plans, as well as ambitious plans for sustainability – notably to be net zero for all its emissions by 2035, which will involve a huge amount of work with its customers. I look forward to working with the talented OakNorth team,” Turner added.

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