Scottish Widows chief executive Toby Strauss is leaving the business after four years.
Parent company Lloyds Banking Group has appointed Antonio Lorenzo as Strauss’s replacement.
Lorenzo will also act as interim group director of the company’s insurance division.
He will remain responsible for the consumer finance and group corporate development arms while he leads the insurance business on an interim basis.
Lloyds group chief executive António Horta-Osório says: “Antonio has played a key role in building the Consumer Finance division into a core growth area for the business. We see similar growth opportunities for the insurance division with a particular focus on building our digital propositions. Antonio and the insurance team will focus on ensuring we capitalise on these opportunities.”
He adds: “During the last four years, Toby has helped to re-establish the Scottish Widows brand and deepened the insurance division’s relationship with the group.
“The next stage of our strategy involves a sustained investment over the next few years. Toby has reached the stage in his career where he feels unable to fully commit to that period of time. I would like to thank him for his hard work and dedication and we wish him well for the future.”
Toby Strauss says: “The insurance division has played a material part in this turnaround while itself dealing with significant regulatory and market changes in the insurance sector.
“I have been privileged to lead the business through this period and to have contributed to the broader group agenda. I feel however that now is the time to move on to other challenges as the insurance division enters the next stage of its strategic growth.”
Toby will remain with Lloyds over the coming weeks to oversee the transition.