Lloyds TSB has announced today that Scottish Widows chief
executive Mike Ross is to leave the company after 40 years.
Ross is being replaced by Archie Kane, who will also become the
group executive director, insurance and investments from October 1.
The shake-up comes after widespread rumours throughout the
summer that Lloyds TSB was looking to offload Widows and that
Ross would be replaced.
Kane has been with Lloyds since its merger with TSB and had been
with it for more than a decade before that. He has most recently been
group executive director, IT and operations, a position he has held
since January, 2000.
He was also project director for the post-merger integration of Lloyds
Ross' departure sees him leave the company he joined in 1964, and
has worked for ever since.
Lloyds TSB group chief executive Eric Daniels says: “Archie Kane has
an exceptional track record in the financial services industry. We have
a clear five year plan for Scottish Widows which Archie Kane has the
wide financial services experience to implement – along with the
excellent team that Mike Ross has built during his many years as
chief executive of Scottish Widows.”