Belfast Telegraph

Lloyds unveils boardroom shake-up ahead of strategy update

Lloyds Banking Group boss Antonio Horta-Osorio has unveiled a top-level shake-up as the lender paves the way for its next three-year strategy update.

The restructure - which comes less than two months after the bank was fully returned to private hands - includes the departure of Andrew Bester, director of commercial banking, after five years with the group.

He will be replaced by David Oldfield, currently head of the retail banking operation.

Lloyds said chief financial officer George Culmer will take on responsibility for the legal and strategy teams, as well as for Lloyds Development Capital.

Executive director Juan Colombas has been appointed to the newly created role of chief operating officer, heading a number of key departments including IT and group services.

Simon Davies - chief people, legal and strategy officer - is leaving after recently taking a leave of absence as his wife is unwell, according to Lloyds.

The changes will take effect on September 4.

The move comes ahead of strategy discussions in the second half, with aims to announce the 2018-20 plan alongside full-year results next February.

Mr Horta-Osorio said: " The changes we are announcing today are fundamental to prepare the group for the next phase of its transformation under our upcoming strategic plan for the period 2018 - 2020.

"They are a key step to ensuring the continued alignment of the bank's capabilities and strategy as a simple, low-risk UK-focused bank with our customers' evolving needs."

The group said it will result in a "new, broader, and more diverse" executive committee.

It is thought the new management line-up sheds light on potential successors to Mr Horta-Osorio, with Mr Culmer said to be a possible contender.

The Government sold its remaining stake in Lloyds in May nearly nine years after it was bailed out with taxpayer cash at the height of the financial crisis.

Lloyds said the taxpayer had made a profit of £894 million on the original £ 20.3 billion of cash pumped in as part of its rescue, which initially left it 43% owned by the Government.

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