Lloyds chair out after HBOS takeover
(20 May 2009 – UK) Lloyds TSB chairman, Victor Blank, has announced his resignation, amid shareholder pressure following the takeover of struggling rival, HBOS.
Sir Victor Blank indicated that his resignation had nothing to do with shareholder pressure and that we believed it was the right time for the bank to have a new chairman. Sir Victor will leave the chairman role by 2010.
Just a short time after acquiring HBOS, Lloyds announced that losses at HBOS amounted to A$23.8 billion, dragging the much stronger Lloyds down.
Lord Alexander Leitch, Lloyds' senior non-executive director, was appointed deputy chairman and will fill the role until a replacement is named. Sir Victor will continue at Lloyds until a full time successor is named.
Reports suggest that, at the bank’s annual general meeting next month, there may have been significant protest against the chairman’s re-election, including from UKFI, the Government-appointed body which has a 43.4 percent stake in the bank.
Not disappointed by the announcement, UKFI said that it noted Sir Victor's decision to step down and looks forward to working closely with the Lloyds board as they identify his successor.
While the Lloyds board was reportedly unanimous it wanting Sir Victor’s re-election, the UK shareholder’s association want the resignation effective immediately, not next year.
Just a short time after acquiring HBOS, Lloyds announced that losses at HBOS amounted to A$23.8 billion, dragging the much stronger Lloyds down.
Lord Alexander Leitch, Lloyds' senior non-executive director, was appointed deputy chairman and will fill the role until a replacement is named. Sir Victor will continue at Lloyds until a full time successor is named.
Reports suggest that, at the bank’s annual general meeting next month, there may have been significant protest against the chairman’s re-election, including from UKFI, the Government-appointed body which has a 43.4 percent stake in the bank.
Not disappointed by the announcement, UKFI said that it noted Sir Victor's decision to step down and looks forward to working closely with the Lloyds board as they identify his successor.
While the Lloyds board was reportedly unanimous it wanting Sir Victor’s re-election, the UK shareholder’s association want the resignation effective immediately, not next year.
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