Iain Cornish has been appointed as chairman of Shawbrook Group.

Sir George Mathewson has stepped down as chairman and as a director of the company.

Robin Ashton, independent non-executive director and senior independent director, said: “We are delighted that Iain is joining the Board as Chairman, as he brings a wealth of experience and industry knowledge. We look forward to his contribution as Shawbrook continues its journey as a public company.

“We would also like to publicly acknowledge Sir George’s contribution to the founding and growth of Shawbrook over the past four years.”

Cornish said: “I am honoured to become Chairman of Shawbrook and to be joining the company following its successful IPO and at such an exciting stage in its development.”

Cornish was a founding member of the PRA Board since its formation in 2013. He is currently a senior independent director of Arrow Global Group PLC and of St James’s Place plc. Prior to this, he spent 19 years at Yorkshire Building Society, including eight as chief executive officer between 2003 and 2011.