Shares of Virgin Money UK, the owner of Clydesdale and Yorkshire banks, rose about 7% on Friday after it announced more details on its board succession plan.

Virgin Money UK, formerly called CYBG, said Jim Pettigrew plans to retire as chairman by September 2021 and that it has initiated a search process to find his successor.

“The company announces that, in line with the Board Succession Plan and good corporate governance practice, Jim Pettigrew plans to retire as Chairman by September 2021 when he will have served 9 years on the Board,” said Virgin Money UK.

“The board has therefore initiated a search process to allow time to identify his successor and enable an orderly handover.”