Changes to Group Board and Group Structure
Lloyds TSB Group PLC
10 December 1999
CHANGES TO THE LLOYDS TSB GROUP BOARD AND GROUP STRUCTURE
Lloyds TSB is to restructure its top-level management to deliver a stronger
customer focus and further improve its efficiency. The main changes are:
The creation of a single customer management function, which will be
responsible for customer and product management for our 15 million personal
customers.
The creation of a single retail distribution division to focus on the
management of all distribution channels, including driving forward e-commerce
developments.
The creation of a new centralised Group-wide IT and operations division
delivering increased efficiency and reducing operating costs.
As a result of this new structure, there will be some changes to executive
directors' responsibilities, with effect from 1 January 2000. These are:
Michael Fairey, Deputy Group Chief Executive, will be responsible for the
newly-created Customer Management function and retail banking products.
Gordon Pell, currently Group Director UK Retail Banking, will become Group
Executive Director, Retail Distribution, responsible for all distribution
channels, including
e-commerce.
Archie Kane, currently Director of Group IT and Operations, joins the Board as
Group Executive Director, IT and Operations, with responsibility for
Group-wide IT and operations.
Kent Atkinson, Group Finance Director, continues with his current
responsibilities.
David Pritchard, Group Executive Director, Wholesale and International
Banking, will be responsible for all business, commercial, corporate, treasury
operations and international banking.
Following the retirement of Stephen Maran, Group Director Insurance and
Investments, at the end of this year, Chris Wiscarson will become acting
Managing Director, Insurance and Investments until the completion of the
Scottish Widows transaction. Once this is complete, Mike Ross will become
Chief Executive of the new Scottish Widows PLC and Deputy Group Chief
Executive, Lloyds TSB, responsible for Insurance and Investments.
Peter Ellwood, Group Chief Executive, said: 'The rapidly changing ways in
which our customers wish to conduct business with us, make it essential that
we restructure our business in a way that more effectively meets our
customers' needs. This new structure will enable us to take an important leap
forward in achieving our aim to be first choice for our customers.'
For further information
Lloyds TSB Press Office
0171 626 1500
Note:
To comply with the new stock exchange listing rule on disclosure of directors'
details, the company confirms that Mr Kane, the new executive director, has
not held any directorship in any other publicly quoted company in the past
five years, and there are no matters required by paragraphs 6F2(b) to (g) of
the listing rules to be disclosed regarding the new director.
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