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Lloyds mulls £6m “golden hello” to solve boardroom crisis

Lloyds Banking Group is mulling a £5.6m payout to insurer RSA in a bid to bring in its finance chief George Culmer ahead of schedule.

According to reports, Lloyds chairman Sir Win Bischoff is in talks with RSA chairman John Napier, over the “golden hello” which is designed to cut down his 12-month notice period.

Lloyds is attempted to fill a void at boardroom level following the announcement that chief executive Antonio Horta-Osorio would be taking time off due to a stress related illness. Last week, the bank announced that non-exec director David Roberts will take on the role of interim chief executive if the return of Horta-Osorio takes longer than expected.

Culmer has been lined up to replace Tim Tookey, the current chief financial officer who has stepped into the role as chief executive in Horta-Osorio’s absence. He in turn is leaving to join Friends Life in February 2012.

Last week it was also announced that RBS head of restructuring and risk Nathan Bostock had decided to remain at the firm instead of moving to Lloyds.

Speaking to The Telegraph, former Liberal Democrat Treasury spokesman Lord Oakeshott said: “This would be grossly irresponsible and an insult to long-suffering taxpayers and Lloyds’ shareholder, staff and customers. UK Financial Investments must get up off its knees at long last and insist on a vote of all shareholders before any contract is signed.”


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