This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.
X
MM+Cover+small+181214

Scottish Widows chairman retires as Lloyds finance director quits for Friends

  • Print
  • Comment

Scottish Widows chairman Sandy Leitch is to retire while Lloyds Banking Group finance director Tim Tookey is leaving to join Friends Life.

Lord Leitch, who is also chairman of Bupa and Intrinsic Financial Services, is to retire at the end of the year, due to other business commitments.

Tookey is to join Friends Life as chief financial officer. He became group finance director and a board director in 2008 and is to leave Lloyds in February 2012. The bank have begun a search for another group finance director.

Tookey says: “This has been an important period for the group and I am pleased to have played a part in defining the next stage of the strategy which I fully endorse as the right one to realise the group’s potential.

He adds: “With its implementation now underway, this felt like the right time to consider a different challenge.”

Win Bischoff, chairman of Lloyds, says: “The board and I have accepted with reluctance Sandy Leitch’s wish to retire from the board after more than six years but respect his commitment to his other roles and the consequent demands on his time.

“He has been an outstanding colleague with a well developed commercial sense and a deep interest in our people.”

The former Zurich Financial Services chief executive will continue as an adviser to the board in 2012 for its insurance and Scottish activities.

The outgoing Scottish Widows chairman says the bank has “turned a corner” with “real progress” being made.

He adds: “I am sorry to leave but pleased to be continuing my relationship with the group in an advisory capacity for 2012.”

Glen Morenio, senior independent director, will become deputy chairman from next year.

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

The Money Marketing CPD Centre
Build your annual CPD - you can log and plan your CPD hours for free with The Money Marketing CPD Centre.

Money Marketing Awards 2015
Put your firm forward as the leading practitioner in your field. Adviser and Advertising categories are open to entries - Enter Now.

Have your sayEdit my profile/screen name

You must sign in to make a comment

AXA Wealth


Fund Data

Editor's Pick



Poll

Will providers be forced to pay out compensation over annuity misselling?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments