Lloyds Banking Group PLC (LON:LLOY) has unveiled its new chief financial officer, with William Chalmers, currently co-head of the Global Financial Institutions Group of Morgan Stanley to take over from George Culmer.
The FTSE 100 lender announced with its interim results last October that Culmer would retire from the group in the third quarter of 2019.
In a statement today. Lloyds said it is envisaged that Chalmers will join the group, subject to customary regulatory approvals, in June 2019, allowing for a period of induction and smooth transition prior to joining the board and assuming the CFO role upon Culmer's departure.
The firm noted that Chalmers joined Morgan Stanley in 2000, after six years at JP Morgan, and was promoted to managing director of the global team in 2003, having previously led Morgan Stanley's European Financial Institutions Group.
It added that Chalmers' fixed remuneration as CFO will consist of a basic salary of £794,938 and a fixed share award of £504,000 delivered over five years.
António Horta-Osório, Lloyds’ group chief executive, said: "William has a proven track record in financial services and will be a great addition to the executive team.
“We will be sad to see George go, but are pleased to have had him in the team for the past seven years and to be able to have George and William working together to ensure a smooth transition."
Lloyds will deliver its 2018 annual results next Wednesday, February 20.
In late morning trading, Lloyds shares were 1.1% higher at 58.06p.