The bank said following discussions between Gadhia and the Bank of England, it was agreed that her recent appointment to an executive position at Salesforce UK and Ireland means she cannot commit the necessary time required.
Global client relationship management company Salesforce confirmed Gadhia will join the company on 1 October as CEO for UK and Ireland (UKI) to drive its next growth phase with £2.5bn to invest over the next five years.
As part of this investment, Salesforce has increased headcount, data centre capacity and office space to support its rapidly growing customer base in the country, it said.
Gadhia was CEO of Virgin Money from 2007 to 2018 and became a Dame in the 2019 New Year’s Honours list for her contribution to financial services and women in the finance industry.
“Jayne-Anne is one of the most respected CEOs in the UK and we are thrilled to welcome her to Salesforce,” said Marc Benioff, chairman and co-CEO, Salesforce and Keith Block co-CEO, Salesforce.
“The UKI is our largest market outside the US and with Jayne-Anne’s leadership we are well positioned to move into the next stage of growth and success for Salesforce, our customers, partners and communities.”
Dame Jayne-Anne Gadhia said: “I’ve admired Salesforce from afar for a long time. This is a different kind of business, with deeply held values and a true focus on transforming the experience of every customer through cutting edge technology. I’m looking forward to working with the team as we continue to invest and support Salesforce’s growing customer base in UKI.”
Earlier this year, Gadhia also founded Snoop and approached potential investors for the company set to exploit reforms to Open Banking and the way information about customers’ spending habits are accessed by service providers.
According to a Sky news exclusive the new company is intended to be a more sophisticated version of a conventional price comparison site targeting mortgages, insurance, energy and media services.
In November 2016, Gadhia was appointed the UK government’s Women in Finance Champion, and in July 2017 she became a founder member of its business diversity and inclusion group.
FPC role to be filled
The Treasury will now launch a new appointment process in due course to fill the vacancy.
As previously announced, Martin Taylor will continue in his role on the FPC until April 2020.
A Bank of England spokesperson said: “We are of course sorry that Jayne-Anne Gadhia won’t be taking up her role as an external member on the Financial Policy Committee. We fully understand her decision and wish her well for the future.”
The FPC normally has thirteen members. Six of them are Bank of England staff: the governor, four deputy governors and the executive director for financial stability strategy and risk. There are also five external members who are selected from outside the bank for their experience and expertise in financial services.
The committee also includes the chief executive of the Financial Conduct Authority and one non-voting member from HM Treasury.
The Financial Policy Committee was established in 2013 as part of the new system of regulation brought in to improve financial stability after the financial crisis.