Entrepreneur neobank OakNorth has appointed Lord Turner of Ecchinswell, also known as Jonathan Adair Turner, to its board. His extensive background in financial services will provide valuable support to the organization, especially as current chairman Cyrus Ardalan prepares to step down after eight years in accordance with the Corporate Governance Code. Ardalan has led the OakNorth board since the bank’s inception, navigating challenges such as Brexit, the Covid-19 pandemic, and the cost of living crisis.
Lord Turner is a founding member of the Financial Policy Committee, has served on the Court of the Bank of England, and was the chair of the Financial Services Authority (FSA). He assumed the FSA chair position just days after the collapse of Lehman Brothers in 2008, playing a pivotal role in establishing a foundation for new financial regulations and facilitating the creation of new banks.
Additionally, Lord Turner was the inaugural chair of the Committee on Climate Change, contributing to the strengthening of the UK’s 2050 carbon reduction target and the Government’s acceptance of the Committee’s first three carbon budgets. He currently chairs the Energy Transitions Commission and Chubb Europe, and serves as a non-executive director for AESC, a Japan-based battery company.
Lord Turner’s appointment aligns with OakNorth’s commitment to a sustainable future; the bank was the first to achieve net zero for Scope 1 and 2 emissions in 2019 and aims for net zero on financed emissions by 2035. Having previously provided independent counsel and served on the advisory board for several years, Lord Turner is now set to take on a more active role at the neobank.
Rishi Khosla, CEO and co-founder of OakNorth, remarked, “Lord Turner’s appointment as our Chairman marks an exciting milestone for the business. His expertise will be invaluable as we expand our product offerings and support our customers in their growth ambitions. Adair joined the FSA as Chairman during the peak of the financial crisis in 2008, gaining firsthand insight into the challenges and contributing significantly to the development of regulations aimed at preventing similar issues in the future. As we widen our range of business banking products, Adair’s regulatory experience will be crucial for our continued growth. We are immensely grateful to Cyrus for his dedication and guidance over the years.”
Lord Turner expressed, “I’ve been following OakNorth’s impressive growth story since I first met Rishi Khosla and Joel Perlman back in 2014, and I am enthusiastic about the opportunity to support its ongoing success. The business has ambitious growth plans and a strong commitment to sustainability, particularly its goal to achieve net zero for all emissions by 2035—a significant undertaking that will require collaboration with its customers. I look forward to working with the talented OakNorth team.”