National Savings and Investments Chief Executive to move to Post Office Ltd.
Mr Cook, joined NS&I from Prudential UK, in October 2002. During his time at NS&I he has instigated a major modernisation and growth strategy. The highlights include:-
- After three years of declining growth (1999-2002), NS&I has grown from £61.8 billion (October 2002) to £71.6 (November 2005)
- By raising cost-effective funding for the government, NS&I has saved the taxpayer £514 million over the past two years (2003/04 and 2004/05)
- Introducing a five year growth strategy to March 2008 for NS&I to grow by £15 billion. NS&I is on course to meet that target Signing
- NS&I up to the Banking Code and Financial Ombudsman Service
- A programme of developing channels and products:-
- Telephony sales have grown from £500 million per year (2002/03) to £1.15 billion in the first eight months of 2005/06
- Internet sales have grown from £147 million (2002/03) to £762 million in the first eight months of 2005/06
- Introducing telephony and internet sales on Premium Bonds and increasing holding limits on Premium Bonds, Savings Certificates and Children’s Bonus Bonds
- Launching new Easy Access Savings Account and managing the closure of the old fashioned 143 year-old Ordinary Account
- Introducing the sale of Premium Bonds and the range of Inflation-beating Savings in major Tesco stores (currently at pilot phase).
NS&I currently has 26 million customers with £71 billion of funds invested and is the one of the largest savings and investments providers in the UK. It is a government department and an executive agency of the Chancellor of the Exchequer, reporting to the Economic Secretary to the Treasury. In 2004/05, its gross sales were £11.06 billion saving the taxpayer £253.7 million. All products offer 100% security as they are backed by HM Treasury and include Premium Bonds, Savings Certificates and Guaranteed Equity Bonds.
Trevor Bayley, 54, joined NS&I as Finance Director in June 2001 and became Deputy Chief Executive in 2002. Previously he was Finance and Corporate Development Director of Britannia Building Society.
Paul Spencer, Chairman of National Savings and Investments, said:
“Alan has been a great CEO during his time with NS&I and I would like to thank him for the fantastic job he has done at raising the performance and ambition within the business. He has undoubtedly been a major force in making NS&I a success story.
“I am delighted that Trevor has agreed to step in as Acting CEO for the interim period and am confident that Trevor and the rest of the Executive team will continue to effectively lead the organisation forward into the next phase of growth.”
An open competition recruitment process with HM Treasury has begun to find Mr Cook’s successor.
Notes to Editors
- For further information including a full copy of Mr Alan Cook’s CV and any digital images, contact the NS&I media team.
- Before NS&I, Alan Cook worked for Prudential Assurance plc for 32 years. His final position was as Chief Operating Officer, UK and Europe. Prior to that time he had spent 3 years working in the USA as Senior Vice President, Operations - Jackson National Life, Prudential’s US subsidiary. Last year he was granted the Freedom of the City of London and is a member of the Worshipful Company of Insurers. He was appointed a CBE in the 2006 New Years Honours’ list.