FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
Securities Exchange Act of 1934
For the month of October 2008
ABBEY NATIONAL PLC
(Translation of registrant's name into English)
Abbey National House, 2 Triton Square, Regent’s
Place, London NW1 3AN, England
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F . . . .X. . . . Form 40-F . . . . . . . .
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes . . . . . . . No . . .X. . . .
13 October 2008
ABBEY AND A&L MANAGEMENT CHANGES
Abbey National plc ("Abbey") and Alliance & Leicester plc ("A&L") have announced changes to their management structure, following the acquisition of A&L by Banco Santander, S.A. (“Santander”)1. The changes are designed to achieve the revenue benefits and cost savings previously announced, and to keep business disruption to a minimum during the transition period following the new ownership of A&L.
The main changes are as follows:
• | A&L will effectively operate as one with Abbey whilst recognising their separate legal status. |
• | To achieve this, the Boards and Executive Committees of Abbey and A&L (together with other key Committees such as Audit & Risk Committee) will have common membership. |
• | The following Abbey Directors will be appointed to the A&L Board with immediate effect: |
• | Antόnio Horta-Osόrio | Chief Executive |
• | Lord Burns | Chairman |
• | Nathan Bostock | Executive Director |
• | Alison Brittain | Executive Director |
• | Juan Rodriguez Inciarte | Deputy Chairman and Non-Executive Director |
• | Jose María Fuster | Non-Executive Director |
• | Jose Maria Carballo | Non-Executive Director |
• | Rosemary Thorne | Non-Executive Director |
• | Keith Woodley | Non-Executive Director |
• | The following A&L Directors will be appointed to the Abbey Board with effect from 21 October 2008: |
• | David Bennett | Executive Director |
• | Roy Brown | Non-Executive Director |
• | Jane Barker | Non-Executive Director |
• | The following Abbey Non-Executive Directors will resign from the Abbey Board with effect from 21 October 2008: |
• | Miguel Bragança | Non-Executive Director |
• | Jorge Morán | Non-Executive Director |
• | Andrew Longhurst | Non-Executive Director |
• | The following Directors will resign from the A&L Board with immediate effect: |
• | Richard Banks | Executive Director |
• | Ian Buchanan | Executive Director |
• | Chris Rhodes | Executive Director |
• | Malcolm Aish | Non-Executive Director |
• | Rod Duke | Non-Executive Director |
• | Mary Francis | Non-Executive Director |
• | Mike McTighe | Non-Executive Director |
• | Angus Porter | Non-Executive Director |
• | Margaret Salmon | Non-Executive Director |
• | Jonathan Watts | Non-Executive Director |
Full details of A&L and Abbey Common Board Composition
Executive Directors:
• | Antόnio Horta-Osόrio | Chief Executive |
• | Nathan Bostock | Chief Financial Officer and Executive Director, Retail Products and Marketing, HR, Credit Cards and Insurance. |
• | Alison Brittain | Executive Director, Abbey Retail Distribution |
• | David Bennett | Integration Advisor and Executive Director, Intermediaries
|
• | Chris Rhodes will join the common Executive Committee with day-to-day responsibility for A&L’s Retail Distribution.
|
Non-Executive Directors:
• | Lord Burns | Chairman |
• | Juan Rodriguez Inciarte | Deputy Chairman |
• | Jose María Fuster |
|
• | Roy Brown | Member of Audit & Risk Committee |
• | Jane Barker | Member of Audit & Risk Committee |
• | Rosemary Thorne | Chair of Audit & Risk Committee |
• | Keith Woodley | Member of Audit & Risk Committee |
• | Jose Maria Carballo | Member of Audit & Risk Committee |
António Horta-Osório, Chief Executive, Abbey, said “The acquisition of Alliance & Leicester, and Bradford & Bingley's direct channels and savings business, is part of Santander's UK growth strategy. The combined business with Abbey gives us almost 1,300 branches and makes us the third largest deposit taker in the UK. In the
future, we want to make the full range of our competitive, value-for-money products available to every one of our 24 million UK customers across our three great brands.
We will manage A&L and Abbey as one entity with common Boards and Executive Committees. This is the most effective way to bring these great businesses together. I am convinced that the addition of Alliance & Leicester, alongside Abbey and Bradford & Bingley's direct channels, will be a powerful new force in UK financial services.”
Ends
Contacts
Matthew Young | (Communications Director, Abbey) | 020 7756 4232 |
Stuart Dawkins | (Director of Corporate Communications, A&L) | 0116 200 3088 |
Anthony Frost | (Head of Corporate Communications, Abbey) | 020 7756 5536 |
Notes
1. All changes are subject to FSA approval. Changes to the Abbey Board are subject to Board approval scheduled for 21 October 2008; a further announcement will be made once Board approval has been granted.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ABBEY NATIONAL PLC | ||||
| Dated: 13 October 2008 | By / s / Scott Linsley |
| |
| (Authorised Signatory) | ||||
