Redwood Bank has confirmed the appointment of Sergio Cruz as its new chief financial officer, subject to regulatory approval, marking a significant internal promotion and the culmination of a planned succession process following the retirement of Ashraf Piranie at the end of March.
Cruz joined the challenger bank in 2018 and has held a series of increasingly senior roles, including head of risk, director of treasury, and most recently deputy CFO. He now takes on executive responsibility for the Bank’s finance function as it enters its next phase of growth.
He said: “We have established a great foundation to grow… and I am ready to lead the finance team in the next stage of growth. We are at a pivotal moment in the Bank’s history and I have a vital role to play in supporting our CEO to help Redwood move forward.
“It is a fantastic opportunity to continue to help shape the future of Redwood. We have already achieved so much since we started in 2017, reaching profitability within five years and receiving a number of awards for products and innovation. There is still so much more we want to deliver for our customers, colleagues, brokers and shareholders.”
Reflecting on his time at the Bank, he added: “I have been here almost since the beginning of Redwood and have been a part of our incredible journey in helping the Bank grow. When I look ahead, there will be more challenges, as there are in any business, and that’s what keeps it interesting.”
Cruz also paid tribute to his predecessor. “There’s a fear of missing out when you’re handing over a role to someone else and I have to credit Ash for being so unique in the way he has planned the transition.”
Ashraf Piranie, who announced his intention to retire nearly a year ago, said: “From day one when I met Sergio, I thought very highly of him, the way he thinks, the way he can see the big picture. It is very rewarding for me and for the Bank to see an internal candidate progress to CFO level in line with our succession plans.”
CEO and co-founder Gary Wilkinson said: “Sergio’s appointment is a testament to his outstanding contribution to Redwood over the past seven years. He has grown with the Bank, playing a key role in shaping our strategy, strengthening our treasury and finance functions, and helping us deliver on our ambitious growth plans.
“He embodies the values and culture we are so proud of at Redwood – collaborative, forward-thinking and customer-focused. I have every confidence in his ability to lead our finance team and support the next stage of our journey. I would also like to thank Ashraf Piranie for his valuable support and service and for managing such a smooth and thoughtful transition.”
