Sainsbury's today announces a change to its operating board. Tim Pile, chief executive officer of Sainsbury's Bank plc, has agreed to step down from his role with immediate effect. Jim Kinloch, currently Finance Director, will manage Sainsbury's Bank in the interim, until a successor is announced. Jim will report to Darren Shapland, chief financial officer of Sainsbury's, who will take on operating board responsibility for Sainsbury's Bank.
Justin King, chief executive of Sainsbury's said "Tim has been with the Bank for more than four years, and has led us through a period of enormous change. As the Bank continues to grow we believe it is now the right time to look for new leadership."
