Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
4th November 2011
Lloyds Banking appoints acting CEO serving notice period
António Horta-Osório has taken temporarily leave of absence from his position as Lloyds Banking CEO. The bank statement refers to 'an illness' only and adds that he is expected to return before year end. Tim Tookey, CFO, will become acting CEO in his absence in addition to his regular duties.
Media sources immediately reported that Horta-Osório's absence was due to physical and mental exhaustion and the absence was on his doctor's orders. The leave of absence appeared to take the board by surprise. One announcement was made before trading started on Wednesday with no details of responsibilities in the CEO's absence, followed by a board meeting and the appointment of Tookey as acting CEO later the same day.
The newly appointed acting CEO is currently serving his notice at the bank and is due to leave no later than March 2012. He resigned in September to take up an appointment as CFO at Friends Life and was asked by Lloyds to work his full six month notice. Should Horta-Osório's return be delayed this would create a severe leadership problem for Lloyds Banking. Since taking up the role earlier this year Horta-Osório has replaced almost all of the senior management. Thus creating the lack of alternative interim candidates for the post. Tookey is understood to have been the leading internal candidate for the CEO position following the announcement of Daniel's retirement.