Kingman, who joined the Tesco Bank Board in November, is due to take up the post on 7 July, following Graham Pimlott’s retirement from the role.
The financial services group said that to help facilitate Pimlott’s retirement in the timeframe agreed, and to ensure a “smooth transition” ahead of Kingman’s appointment, its senior independent non-executive director, Jim Willens, had been appointed as interim chairman for a period of 12 weeks.
Tesco Bank said that Kingman has considerable financial services experience from roles at HM Treasury, Legal & General, UK Financial Investments and Rothschild.
Kingman said: “On behalf of the board I would like to thank Graham for his contribution to Tesco Bank, and for his leadership and stewardship as chairman.
“I have enjoyed working so closely with Graham since I joined the board and I am delighted to accept the offer to succeed him. Tesco Bank has a very clear purpose, which is to help Tesco shoppers manage their money a little better every day.”
Pimlott added: “It has been a privilege to serve on the board of Tesco Bank, particularly in my role as chairman for the last eight years. It has given me great pride to watch the organisation’s development and success as part of the Tesco group. Sir John has already made a significant contribution.”
Kingman was at the heart of the UK government’s response to the financial crisis in 2008, handling the rescue of Northern Rock and leading negotiations with RBS, Lloyds and HBOS on their combined £37bn recapitalisation. He was also the first chief executive of UK Financial Investments, the government body charged with managing the taxpayer’s banking interests.