Management Change Announced

RNS Number : 4610O

Lloyds Banking Group PLC

19 September 2011

 



19 September 2011

LLOYDS BANKING GROUP ANNOUNCES MANAGEMENT CHANGE

The Board of Lloyds Banking Group ('the Group') announces today that Tim Tookey has decided to leave the Group to pursue an opportunity outside the banking sector.  Mr Tookey joined the Group in April 2006 as Deputy Group Finance Director and was appointed as Group Finance Director and as a member of the Board in October 2008.  He will continue with his present responsibilities and remain on the Board until the end of February 2012.  A search process to appoint his successor will now be commenced.

Sir Win Bischoff, Chairman of the Group said: "I greatly appreciate Tim's significant contribution, both as the Group's Finance Director and as a member of our Board, and the Board and I wish him every success in the future."

António Horta-Osório, Group Chief Executive said: "We would all like to thank Tim for the valuable insight and experience he brought to the Group during an important period in the Group's development.  Tim will continue to play an important role through to the end of February and I wish him all the best for his future after Lloyds Banking Group."

Tim Tookey, Group Finance Director said: "It's been an exciting and rewarding time for me at the Group and I have made many good friends among my colleagues.  This has been an important period for the Group and I am pleased to have played a part in defining the next stage of the strategy which I fully endorse as the right one to realise the Group's potential.  With its implementation now underway, this felt like the right time to consider a different challenge."

- END -

For further information:

Investor Relations

Kate O'Neill                                                                            [phone]

Managing Director, Investor Relations

Email: kate.o'[e-mail]

Corporate Affairs

Matthew Young                                                                      [phone]

Director of Corporate Affairs

Email: [e-mail]

FORWARD LOOKING STATEMENTS

This announcement contains forward looking statements with respect to the business, strategy and plans of the Lloyds Banking Group, its current goals and expectations relating to its future financial condition and performance.  Statements that are not historical facts, including statements about the Group or the Group's management's beliefs and expectations, are forward looking statements.  By their nature, forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future.  The Group's actual future business, strategy, plans and/or results may differ materially from those expressed or implied in these forward looking statements as a result of a variety of risks, uncertainties and other factors, including, without limitation, UK domestic and global economic and business conditions; the ability to derive cost savings and other benefits, as well as the ability to integrate successfully the acquisition of HBOS; the ability to access sufficient funding to meet the Group's liquidity needs; changes to the Group's credit ratings; risks concerning borrower or counterparty credit quality; instability in the global financial markets; changing demographic and market related trends; changes in customer preferences; changes to regulation, accounting standards or taxation, including changes to regulatory capital or liquidity requirements; the policies and actions of Governmental or regulatory authorities in the UK, the European Union, or jurisdictions outside the UK, including other European countries and the US; the ability to attract and retain senior management and other employees; requirements or limitations imposed on the Group as a result of HM Treasury's investment in the Group; the ability to complete satisfactorily the disposal of certain assets as part of the Group's EU State Aid obligations; the extent of any future impairment charges or write-downs caused by depressed asset valuations; exposure to regulatory scrutiny, legal proceedings or complaints, actions of competitors and other factors. Please refer to the latest Annual Report on Form 20-F filed with the US Securities and Exchange Commission for a discussion of such factors together with examples of forward looking statements.  The forward looking statements contained in this announcement are made as at the date of this announcement, and the Group undertakes no obligation to update any of its forward looking statements.

 

END

 

 

BOADMGMLKLVGMZG