Lloyds' Interim CEO To Leave

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Tim Tookey, the man who was named interim CEO of Lloyds on Wednesday has announced today his plans to leave the bank by March 2012 for insurance company Resolution. Tookey replaced the full time CEO António Horta-Osório, who was forced to take a leave of absence this week after being hospitalised for stress and exhaustion.

Resolution hired Tookey in September to take on the role of finance director for their Friends Life business and it has been confirmed today that he will start on March 5.

Leadership In Question

Lloyds announced that Horta-Onsorio would return before the end of the year, however some analysts and health experts say that this time line for recovery is too short. With the executive’s future at Lloyds so uncertain, the timing of Tim Tookey’s departure leaves a potential gap in the company’s leadership team. Antonio Horta-Onsorio has spent much of his time at Lloyds restructuring the organization and bringing in new executives, many of whom were colleagues of his at Santander.

Lloyds Group stocks were down 1.2% in late afternoon trading on Friday, following a poor week of trading, seeing the share price drop from as high as 38 p at the end of October to the current price of 28.7 p.

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References
 Reuters
 Further Re: Management Update
 Reuters

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