After announcing his intention to retire late last year, TSB Chairman John Kelly has confirmed he will step down from his role in March. Mr Kelly, who has been on the board for 14 years, serving seven of those as Chairman.

Mr Kelly was originally due to retire in June, but has decided to step away earlier to enable TSB’s current momentum to continue to accelerate. Chair Elect, Mark Darrow, will officially take up the position on March 21.

“After focusing on strengthening its foundations in the past few years, TSB has entered an exciting new phase of growth and development which will see it continue to unleash its unparalleled customer care for community good – but taking it to a whole new level,” says Mr Kelly.

“The transformation that has been achieved in recent times, combined with some key governance and executive appointments over the past three years, means that TSB is in the best possible position to move forward.

“I have a high level of faith and confidence in the Board and executive to be able to deliver on its business plan and ongoing transformation, which in turn, will mean TSB can continue to deliver great customer outcomes and ongoing contributions to the community through its owner, Toi Foundation.”

TSB Deputy Chairman, Murray Bain says Mr Kelly’s guidance and governance has seen the bank navigate a complex and ever-changing operating environment.

“In this time we have seen significant changes in regulatory and compliance, rapid technology developments, increasing customer expectations and the challenges of COVID. 

“The board would like to thank John for his service over the last 14 years, and in particular the last five years, which has seen the bank adapt and evolve to meet the new operating environment.”

Toi Foundation Chairman, Harvey Dunlop says the Foundation (which owns TSB) adds its thanks to Mr Kelly for his contribution over the past 14 years.

“We would like to particularly acknowledge John’s oversight of the bank’s significant transformation in recent years during his time as Chairman. It has not been easy.

“The expertise around the TSB board table has been boosted with some key appointments in recent months, including that of Chair Elect, Mark Darrow,” Mr Dunlop says.

“Mr Darrow brings an invaluable skillset to TSB, including wide-ranging experience working in and with regions across the country. We are very much looking forward to working alongside Mark, the rest of the Board, the TSB CEO and executive to continuing making a difference in local communities.”

For more information contact:

Simone McCallum
TSB Media & Communications Manager    
027 285 4479 /