The finance boss who helped steer Lloyds Banking Group through the aftermath of its HBOS acquisition in 2008 announced plans to quit the firm today.
Tim Tookey, who joined Lloyds from Prudential in 2006 and became finance director two years later, will leave the bank in February to become chief financial officer at Friends Life, the life assurer owned by Resolution.
His role at Lloyds has included the oversight of a £13.5bn rights issue and the integration of HBOS in moves requiring thousands of job cuts.
Mr Tookey said there had been no falling out with the bank’s chief executive Antonio Horta-Osorio, who joined the company from Santander in February.
He told the Financial Times: “We have spent a lot of time together and I have mixed feelings about moving on, but the time is right for a new challenge.”
Lloyds said the process to find a new finance director was under way but that Mr Tookey will remain in his role until the company’s full-year results.
Chairman Win Bischoff said: “I greatly appreciate Tim’s significant contribution, both as the group’s finance director and as a member of our board.”
He also announced that deputy chairman Sandy Leitch planned to retire from the board and as chairman of Scottish Widows at the end of 2011 due to increasing time pressure from other business commitments.
Lord Leitch said: “These past years have witnessed incredible challenge and profound change in the banking industry generally and specifically for Lloyds Banking Group. My own view is that we have turned a corner and real progress is being made.”
Resolution said Mr Tookey’s skills and experience at Lloyds and Prudential would be “highly relevant” to its business at Friends Life.
The buy-out firm, set up by insurance entrepreneur Clive Cowdery, has consolidated Friends Provident and Axa UK under the Friends Life brand, along with Bupa’s life and protection unit, but has said there are currently no other acquisition opportunities available.
Chief executive John Tiner said: “Tim’s arrival is timely as the UK life project moves though the next phase of restructuring and into the delivery of value to shareholders at exit.”