By Scott Wright
THE chairman of Scottish Widows Group is to vacate the role as the board of Lloyds Banking Group takes shape under new chief executive Charlie Nunn.
Nick Prettejohn will step down from the life insurance and pensions 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 nomination and governance committees, is leaving to become chairman of TSB Bank, subject to regulatory approval.
At TSB he will work with chief executive Debbie Crosbie, the Scottish banking veteran who is a former chief operating officer of Clydesdale Bank.
Sophie O’Connor, a 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 remuneration committee, has notified the board of his intention to retire from the board at the bank’s 2022 annual meeting. He will be replaced by Alan Dickinson on the remuneration committee from November 24.
Charlie Nunn started in post as chief executive in August. He replaced Antonio Horta-Osorio, who led the bank’s recovery and return to private hands following the financial crisis. Mr Nunn, who was formerly global chief executive of wealth and personal banking at HSBC, will receive a remuneration package which could be worth more than £5.5 million.
Lloyds chairman Robin Budenberg said: “I would like to thank both Nick and Stuart for the leadership and wisdom they have brought to the board. We have greatly valued their insight and counsel.
“I am very grateful to Nick for his long service as chair of Scottish Widows Group and I would like to thank Stuart for chairing the remuneration committee over 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 that it had made a profit of £3.9 billion for the six months to June 30, which compared with a loss of £290m at the same stage last year.
The results were boosted by the release of £677m of provisions which had been made for loans going bad because of coronavirus.
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