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Paul Pester, the embattled chief executive of Britain's crisis-hit TSB Bank, is stepping down from his position, the lender said on Tuesday, paving the way for a new leader to reinvigorate the bank's shattered brand.
Pester served seven years in charge of the challenger lender, but was heavily criticized for his role in a botched IT migration earlier this year that caused widespread disruption for thousands of its customers.
Richard Meddings, current Non Executive Chairman of TSB, will take on the role of Executive Chairman with immediate effect in order to enable a full public search to commence for a new chief executive, TSB said.
"Although there is more to do to achieve full stability for customers, the bank's IT systems and services are much improved since the IT migration," Meddings said in a statement.
"Paul and the Board have therefore agreed that this is the right time to appoint a new CEO for TSB. Our goal is therefore to allow a full search to commence, without any distractions, enabling TSB to build for the future."