New Lloyds Bank CEO quick to swing boardroom axe
LONDON (Reuters) Lloyds Banking Group said its insurance and retail bosses were stepping down, takin pandora charms uk g analysts by surprise with the speed, if not the nature, of new chief executive Antonio Horta Osorio’s boardroom cull.
Retail director Helen Weir has decided to leave and insurance director Archie Kane will retire, Britain’s biggest retail bank said on Wednesday.
The departures came after Horta Osorio, formerly head of Spanish bank Santander’s British arm, took over as chief executive of the bailed out British lender on March 1.
Exane BNP Paribas analysts noted the only remaining board members from the team of previous CEO Eric Daniels would be finance director Tim Tookey and wholesale boss Truett Tate.
“We speculated that at least half the executive board would go during 2011. With Daniels, Weir and Kane gone, that is three out of five within less than two months of the new CEO’s formal arrival, somewhat quicker than expected, albeit otherwise unsurprising,” they said in a note to clients entitled “The Axeman Cometh.”
Weir, a former manager at consultancy McKinsey Co, arrived from retailer Kingfisher in 2004 as finance director before taking over the retail division in April 2008, months before Britain’s banks were plunged into crisis. At the time the move was seen as a step on the way to the top job.
Kane joined the board in 2000 before taking over insurance operations in 2003. He has worked at the group since 1986.
The bank’s insurance division, which includes leading life and pensions group Scottish Widows, will report directly to Horta Osorio in future.
There has long been speculation Lloyds may sell insurance assets as it seeks to bolster its balance sheet. Analysts have said a lack of ready buyers makes major disposals un p pandora charms uk andora charms uk likely.
Lloyds could clarify its intentions on asset sales at the end of June when it unveils the results of a strategic review launched by Horta Osorio.
Lloyds is pandora charms uk 41 percent owned by the British government after being bailed out during the credit crisis when it was saddled with billions of pounds of losses after the takeover of troubled rival HBOS in 2008. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.