National Savings & Investments has launched a recruitment drive to find a new chief executive and is offering a salary of up to £220,000 for the successful candidate.
The state-owned bank, which is officially a government department overseen by the chancellor of the exchequer, admitted in March that because of errors it had failed to pay some £476m to the relatives of customers who died.
The revelation came on top of concerns about NS&I’s delayed and massively over-budget digital transformation programme and the combined factors resulted in the departure chief exec Dax Harkins.
Former HM Revenue and Customs permanent secretary Sir Jim Harra was drafted in to serve as interim chief exec of the bank, which is responsible for investments of around £240bn sourced from customer savings accounts and Premium Bonds.
A just-launched recruitment campaign is seeking a permanent successor.
The advertisement describes the chief executive role as an “opportunity to lead an organisation trusted by millions of savers and offers the rare chance to deliver tangible national impact while driving innovation, digital transformation and outstanding customer outcomes”.
However, it concedes that while NS&I is “successfully meeting its targets for savings and funding for the government”, it has also “experienced significant operational failings recently”.
The advertisement says the digital transformation programme problems and the payment errors are “operationally complex” and “must be resolved alongside continuing operations to build confidence and credibility with its stakeholders and customers alike”.
“It is therefore crucial that a highly capable, credible CEO is appointed to lead the organisation through these challenges and re-establish NS&I’s reputation and standing as a trusted, efficient and effective national institution,” the advertisement states.
It adds that the successful candidate will have a “strong track record of strategic leadership and operational delivery experience” and a track record that includes delivering a major transformation programme in a consumer-facing industry “at scale”.
The job ad also says experience of working in consumer financial services is “desirable”.
The role, which is offered at SCS Pay Band 3, will be based in central London but requires some travel to NS&I’s other bases in Durham, Glasgow and Lytham.
Executive-search firm Odgers is handling the recruitment process, which is open to applications until 11:55pm on 28 June.
The successful candidate is expected to be announced in August.