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Tim Tookey to lead Lloyds-HBOS future

Tookey joined
Lloyds
in 2006 as deputy group FD serving under then-group FD, Helen Weir, until her
sideways move to become executive director of the bank’s UK retail banking
business in May 2008. He stepped up to take over her remit while Lloyds searched
for a successor, but its announcement in mid-September that it intended to
acquire
HBOS
forced events in his favour and he was made permanent group FD at the end of
October.

The FD’s appointment is based on a successful trial period running Lloyds’
finances. Prior to a five-year tenure as UK and Europe FD for Prudential before
joining Lloyds, he led the 1997 management buyout of London insurance scion,
Heath Group, the year after joining as its FD.

Spending the next two years selling off non-core assets and divisions to make
some cash, he then led the merger of Heath with Lambert Fenchurch Group to
create insurance broking giant Heath Lambert. He was made FD for the merged
entity at Christmas 1999.

Tookey takes the job at the most critical juncture in the company’s history
and one that will see him directly involved in shaping the new order of the
British financial services industry.

Praised by Lloyds’ group CEO Eric Daniels for his “excellent track record of
delivery” and his “immense contribution” to the group since assuming Weir’s
role, it is for Tookey to bankroll the creation of what many call a
“super-bank”, with the largest single holdings by any participant in the UK’s
current account market (33% after merging) and mortgage market (28% after
merging), as calculated by The Economist at the time the announcement was made.

Lloyds’ chairman Sir Victor Blank called Tookey “a natural choice” to lead
the acquisition and merger of HBOS into the Lloyds business as the UK recession
plays out.

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