CEO announcement

Lloyds TSB Group PLC
20 December 2002











164/02                              20 December 2002



LLOYDS TSB GROUP ANNOUNCES NEW GROUP CHIEF EXECUTIVE AND NEW GROUP EXECUTIVE
DIRECTOR, UK RETAIL BANKING

The board of Lloyds TSB Group plc is pleased to announce that Eric Daniels,
group executive director, UK retail banking, will succeed Peter Ellwood, CBE,
who will retire as group chief executive on 31 May 2003, following his 60th
birthday.

At the same time Peter Ayliffe, currently managing director, personal banking,
will succeed Eric Daniels as group executive director, UK retail banking, and
join the board.

Maarten van den Bergh, chairman of Lloyds TSB Group plc said: "Peter Ellwood has
been a tremendous contributor to the British banking industry for over 40 years
and to TSB and the Lloyds TSB Group for over 12 years. He made the merger
between TSB and Lloyds the most effective combination of two banks ever
achieved. I have very much enjoyed working with Peter, and have particularly
admired his tireless dedication and his detailed understanding of every part of
the group.

"I am delighted that Peter's tremendous heritage will be taken up by Eric
Daniels who has exceptional financial services experience with Citigroup
particularly in the US, Europe and South America. Since joining us a year ago
Eric has made a significant impact on the quality of our retail business.

"Peter Ayliffe has 17 years of experience within the Lloyds TSB Group and a
great depth of knowledge of retail banking and bancassurance. His most recent
role has been as managing director of personal banking and credit cards."



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LLOYDS TSB GROUP ANNOUNCES NEW GROUP CHIEF EXECUTIVE AND NEW GROUP EXECUTIVE
DIRECTOR, UK RETAIL BANKING/...2

                                     -ends-



For further information:

Lloyds TSB Press Office

020 7626 1500

Notes to Editors:

 1. Biographical details are attached for Mr. Ellwood, Mr. Daniels and Mr.
    Ayliffe.
 2. To comply with paragraph 16.4 of the UK Listing Authority listing rules, the
    company confirms that:

     i. Mr. Ayliffe has not held any directorship in any other publicly quoted
        company in the past five years; and
    ii. there are no matters required by paragraphs 6.F.2(b) to (g) of the
        listing rules to be disclosed regarding him.



BIOGRAPHICAL DETAILS

Mr. Peter Ellwood, CBE, aged 59, joined TSB Bank in 1989 as chief executive,
retail banking. He was appointed a director of TSB Group in 1990 and became
group chief executive in 1992. Following the merger with Lloyds Bank in December
1995, he became deputy group chief executive of Lloyds TSB Group and then group
chief executive in 1997.

He was appointed a Commander of the Order of the British Empire in June 2001 for
services to banking.

He is chairman of The Work Foundation (formerly The Industrial Society) and a
Director of the Royal Philharmonic Orchestra.



Mr. Eric Daniels, aged 51, joined the board in 2001. He served with Citibank
from 1975 and held a number of senior and general management appointments in the
USA, South America and Europe before becoming chief operating officer of
Citibank Consumer Bank in 1998. Following the Citibank/Travelers merger in 1998,
he was chairman and chief executive officer of Travelers Life and Annuity until
2000. He was chairman and chief executive officer of Zona Financiera from 2000
to 2001.



Mr. Peter Ayliffe, aged 49, joined TSB Bank in 1985 becoming managing director
of product marketing in 1993. After the merger he became managing director,
savings and investments in 1996. He then ran the branch network before becoming
managing director, personal banking and cards in 2000. Prior to 1985 he worked
for NatWest Bank, which he joined in 1974.






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