Lloyds TSB Group has announced that its group finance director Philip Hampton is to leave the company immediately. He will be compensated in line with his contractual entitlement.
Lloyds says since Hampton joined the company in June 2002 its strategic direction has changed, resulting in a focus on organic growth within the core businesses. It says this meant a move away from the merger, acquisition and restructuring activity that was the focus at the time of his appointment.
Deputy chief executive Mike Fairey will take on the role until a replacement is found.