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Paul Pester will be stepping down after seven years as chief executive at TSB
Richard Meddings will be executive chairman as search begins for new chief
1.9m people using TSB banking were locked out of accounts earlier this year
It was triggered by customer data migration from Lloyds to Sabadell in April

TSB's £1.8million-a-year boss will leave the troubled bank in the wake of its botched IT switch and a string of ongoing technology failures, it was revealed today.

Paul Pester's departure comes after a seven-year stint at the top, which has been marred by the IT woes that left up to 1.9million people using TSB's digital and mobile banking locked out of their bank accounts.

TSB's non-executive chairman, Richard Meddings, will take on the role of executive chairman with immediate effect to begin the hunt for a new chief executive.

The IT issues was triggered by a migration of customer data from former owner Lloyds' system to a new one managed by TSB's current owner Sabadell in April.

Then just yesterday, TSB customers woke up to another IT failure at the beleaguered lender, with many unable to access their accounts.

Hundreds took to social media to complain about issues including 'duplicate transactions', while TSB said that it was working to fix the issue.

Today, Mr Pester said: 'Five years ago, on September 9, 2013, we launched TSB back onto high streets across Britain. I vividly remember standing in our Baker Street branch, waiting to reveal TSB above the door.

'But it wasn't just a sign we were revealing – we were revealing a bank with a clear mission to bring more competition to UK banking and ultimately make banking better for all UK consumers.

'Thanks to the fantastic work and commitment of all TSB Partners, we have achieved real success in creating a bank which is truly consumer-focused, attracting customers from the UK's established banks, and growing TSB's balance sheet from circa £18billion to circa £31billion today.

'The last few months have been challenging for everyone at TSB. However, I want to thank all my colleagues across TSB for their dedication and commitment during this period and for their focus on putting things right for TSB customers.

'It has been a privilege to lead TSB through its creation and first five years. I look forward to seeing the next stage of our bank's history evolve.'

TSB's failures have drawn strong criticism from politicians, including those on the Treasury Select Committee who have been scathing in their condemnation and called for Mr Pester to be sacked.

http://www.dailymail.co.uk/news/arti...s-company.html