Aldermore signs Pat Butler as next chairman

Aldermore has recruited Pat Butler to be its next chairman after the bank's acquisition by South Africa's FirstRand is completed.

Butler, a former McKinsey & Co consultant, will join on 1 January as a non-executive director and chairman designate. He will replace Danuta Gray, currently interim chairman, when FirstRand takes control of the specialist business bank.

Aldermore recommended FirstRand's bid to shareholders in November, eight years after the bank was launched to compete for small business customers. The company floated on the stock market in 2015 and is a member of the FTSE 250 index.

Butler is a non-executive director of Bank of Ireland, Hikma Pharmaceuticals and Ardonagh Group. He has also worked at Resolution Group, the financial services investor and restructuring company.

Butler said, "I am excited to be joining Aldermore as it moves towards the next phase of its journey and the opportunities that lie ahead. I would like to congratulate Danuta on her exemplary leadership over the past year and her management of the FirstRand offer."