The retailer disclosed this morning that Pile, who has been with Sainsbury's Bank for more than four years, has agreed to leave with immediate effect.
Sainsbury's Bank has proved to be a drag on the otherwise resurgent business. The company reported a loss of£5 million for the bank when it announced interim results in November, compared with a profit of£8 million the previous year. Sainsbury's blamed the loss on increased provisions for bad debt.
The bank's finance director Jim Kinloch has been put in charge on a temporary basis until a successor for Pile is found. He will report to Sainsbury's chief financial officer Darren Shapland, who will take on operating board responsibility for the bank.
'As the bank continues to grow, we believe it is now the right time to look for new leadership,' said Sainsbury's chief executive Justin King.
No comments yet