Virgin Money head resigns

Rohan Gamble has resigned as managing director of Virgin Money Australia, the financial services arm of Richard Branson’s Virgin Group, on the eve of a new retail banking product roll-out by the group.

No reason was given for Gamble’s resignation from Virgin Money, responsible entity for Virgin Superannuation and Virgin Credit Card, ahead of a planned fanfare launch of undisclosed new product in Sydney on Monday.

Branson, who will attend Monday’s product launch in person, revealed in a media release only that Gamble’s resignation, who has already departed the company, was a “mutual” decision.

“With the launch phase of the business successfully completed, Mr Gamble and the board have mutually agreed that it is the right time to get in a new leader to take the business forward,” he said.

Gamble, who has led Virgin Money since its launch in May 2003, leaves the business with a “great platform for further growth and success”, he added.

Virgin Money has commenced a search for a new chief executive to lead the company through its next growth phase, which, according to a spokesperson, will commence with Monday’s launch of a “retail banking” product.

David Baxby, chief executive of Virgin Management Asia Pacific, has stepped in as interim chief executive of Virgin Money.

The Virgin Money media release made no mention of Gamble’s future plans, who is unlikely to be fondly remembered by the bulk of Australia’s super industry.

At the launch of Virgin Superannuation in July last year, Gamble described the Australian super industry as “classic Virgin territory, being absolutely rife with funny stuff”.

Virgin Superannuation is the second major initiative Virgin Money has taken in Australia, having first launched a credit card here when it was established in May 2003.