Lloyds Banking Group PLC (LON:LLOY) left analysts scratching their heads today as one of the favourites to replace Antonio Horta Osorio as chief executive departed the bank.
Rumours over the future of Horta Osorio have been rife for months, but today’s shake-out sees Andrew Bester, the head of commercial and one of those strongly tipped as a possible replacement leave.
Horta Osorio has said he’s very happy at Lloyds but that has not stopped him being strongly tipped as a successor for HSBC chairman Stuart Gulliver when he retires next year.
Today’s changes at Lloyds are to strengthen the group’s digital and online presence, the bank said, and will see Juan Colombas become its first chief operating to bring together IT, people, People, Banking and Group Services.
Finance head George Culmer will add responsibility for legal and strategy and Lloyds Development Capital.
Simon Davies, the current Legal and Strategy Officer, is leaving due to his wife’s illness.
Horta Osório 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.”
Among raft of other changes, see Zaka Mian is the new Group Director, Transformation and be responsible for the ongoing development of the Digital channel.
Vim Maru become Group Director, which includes integration of the MBNA business, while David Oldfield is the new head of Commercial Banking to replace Andrew Bester.