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Higgins leaving HBOS in shake-up

HBOS retail chief executive Benny Higgins is leaving the bank as part of a management restructure just weeks after the group saw a dive in its first-half profits.

The firm says Higgins, recruited from Royal Bank of Scotland last year, will leave at the end of the year.

The shake-up sees HBOS chief executive of insurance and investment Jo Dawson add retail distribution to her responsibilities. Group risk director Dan Watkins joins the board as chief executive for retail products.

Aon UK chief operating officer Philip Gore-Randall is to join the board next month as chief operating officer. Former group finance director Mike Ellis is rejoining to resume his res-ponsibilities as finance director following Phil Hodkinson’s decision to retire.

HBOS saw its net market share for the half-year slump to 8 per cent from 21 per cent in the first six months of 2006, which it blames on an unsuccessful repricing.

Robert Sterling managing director Kevin Duffy says: “I think it is entirely related to what happened with HBOS results. It is sad but it is representative of plc corporate life.”

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