2nd May 2014 15:26
LONDON (Alliance News) - Lloyds Banking Group PLC Friday said Deputy Chairman David Roberts will stand down in order to become the chairman of Nationwide Building Society.
In a statement, Lloyds said Anita Frew, a non-executive director on the board since December 2010, is to succeed Roberts as deputy chairman from May 14.
Frew will take on David's additional responsibilities as chair of Lloyds' Risk Committee and as a member of the Remuneration Committee.
The news of Roberts' departure comes just one day after Lloyds reported an increase in first-quarter underlying profit and said it would float at least a quarter of TSB by the end of June. The company also reiterated that it expects to apply to regulators in the second-half of this year to restart dividends payments, a major step in its eventual return to the private sector after it was bailed out by the UK government during the financial crisis.
"It has been a privilege to serve as a board member and since May 2012 as deputy chairman. The group has undergone a significant period of transformation over the last few years and I leave the business as a much strengthened, low risk retail and commercial bank and Insurance business," Roberts said in a statement.
Lloyds Chairman Lord Blackwell said Roberts' departure is "a great gain" for Nationwide.
Although Lloyds required a state bailout in the midst of the financial crisis after its disastrous acquisition of HBOS, its recovery has been quicker than that of fellow bailed-out bank Royal Bank of Scotland Group PLC. The UK government has been able to reduce its stake in Lloyds to just 24.9% with sales of two tranches of shares since last September, while it still holds 81% of RBS.
Separately, Nationwide Building Society confirmed that Roberts will succeed the outgoing Geoffrey Howe.
Lloyds shares were late Friday quoted at 79.55 pence, up 0.06%.
By Samuel Agini; [email protected]; @samuelagini
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