Lloyds chief announces management reshuffle

Antonio Horta-Osorio, chief executive of Edinburgh-based Lloyds Banking Group has announced a top level shake-up ahead of its imminent three-year strategy update.

The group, which includes the Bank of Scotland, said changes made include the departure of Andrew Bester, director of commercial banking, after five years with the group.

He will be replaced by David Oldfield, currently head of the retail banking operation.

Simon Davies – chief people, legal and strategy officer – is departing after recently taking a leave of absence as his wife is unwell, the bank said.

Chief financial officer George Culmer will take on responsibility for the legal and strategy teams, as well as for Lloyds Development Capital.

And executive director Juan Colombas has been appointed to the newly created role of chief operating officer.

The changes will take effect on September 4.

The lender, which was finally completely returned to the private sector in May following its £20 billion taxpayer bailout at the height of the financial crisis in 2008, also said that it planned to announce its strategy for 2018-20 plan at its annual results next February.

Mr Horta-osorio said: “The changes we are announcing today are fundamental to prepare the group for the next phase of its transformation under our upcoming strategic plan.”

The group said it will result in a “new, broader, and more diverse” executive committee.