THE chairman of the Scottish Widows Group will step down as the board of directors of Lloyds Banking Group takes shape under the leadership of new CEO Charlie Nunn.
Nick Prettejohn will leave the life insurance and pension company and resign as a non-executive after more than seven years on the Lloyds board next week (September 30).
Mr. Prettejohn, who is also a member of the Audit, Board Risk and Nominating and Governance Committees, is stepping down to become Chairman of TSB Bank, subject to regulatory approval.
At TSB, he will work with Managing Director Debbie Crosbie, the Scottish bank veteran who is the former COO of Clydesdale Bank.
Sophie O’Connor, non-executive director of Scottish Widows, will succeed Mr. Prettejohn as interim chairman, subject to regulatory approval.
Lloyds also announced yesterday that Stuart Sinclair, a non-executive director and chairman of the compensation committee, has notified the board of directors of his intention to step down from the board at the bank’s annual meeting in 2022. He will be replaced by Alan Dickinson on the Compensation Committee from November 24.
Charlie Nunn took over as Managing Director in August. He replaced Antonio Horta-Osorio, who led the bank’s recovery and its return to private hands following the financial crisis. Mr Nunn, who was previously global managing director of wealth management and personal banking at HSBC, will receive compensation of up to more than £ 5.5million.
Lloyds President Robin Budenberg said: “I want to thank Nick and Stuart for the leadership and wisdom they have brought to the board. We very much appreciated their insight and advice.
“I am very grateful to Nick for his long years of service as President of the Scottish Widows Group and I would like to thank Stuart for having chaired the Compensation Committee for the past three years. They both leave with our best wishes for the future.
“I am grateful to Alan and Sophie for taking on these roles.”
In July, Lloyds reported making a profit of £ 3.9bn for the six months ended June 30, compared to a loss of £ 290m at the same point last year.
Results were boosted by the release of £ 677million in provisions that had been made for loans that were deteriorating due to the coronavirus.