Lloyds shakes up board to cut pressure on chief

Last of the old guard out as reorganisation gives more responsibility to division heads

Lloyds chief executive Antonio Horta-Osorio, who recently returned to work after taking two months off due to fatigue, has launched a major boardroom shake-up to take some of the pressure off his shoulders.

Mr Horta-Osorio, who was known for micro-managing the business before his health crisis, has cut the number of departments reporting directly to him to 10. Insiders said more managerial responsibility will now rest on his remaining divisional chiefs, giving him time to focus on strategy and longer term planning.

As part of the shake-up, Truett Tate, the last of the old guard of Lloyds high-ups who worked for previous chief executive Eric Daniels, is leaving. He was in charge of the wholesale division which handles banking for businesses.

Meanwhile, two of Horta-Osorio's former colleagues at Santander UK will take bigger roles: Alison Brittain will head the retail business and Antonio Lorenzo will add asset finance to his strategy, wealth management and international briefs.

Mr Tate's departure completes a clear-out of the executive directors who worked for Mr Daniels. The other departures since March are Helen Weir, head of retail banking, Archie Kane, head of insurance, and Tim Tookey, finance director.

Lloyds is still negotiating with Mr Daniels about clawing back some of the £1.45m bonus he was awarded for 2010 on the grounds that the bank's disastrous merger with HBOS, which forced a £20bn taxpayer bailout, left it in a much worse state than it had appeared.

Mr Tate is expected to get a 12-month pay-off based on his basic salary, which was raised to £656,000 last year. In 2010 his pay and bonus package was £1.6m.

Lloyds has yet to announce its bonus payouts for 2011, but is facing pressure in the wake of Stephen Hester of Royal Bank of Scotland's decision to turn down his £963,000 bonus for last year.

Lloyds, which is 41 per cent owned by the taxpayer, said the new structure, which was hammered out by Mr Horta-Osorio and the bank's chairman, Sir Win Bischoff, would see the number of reporting lines to the chief executive cut from 14 to 10.

Mr Horta-Osorio said: "The changes to the group's senior management team ensure we have the right organisational structure to deliver on our strategy and move to the next phase of Lloyds' transformation.

"When I started as chief executive, I felt it was vital to understand all the issues in the business, flatten the organisational structure and make sure we addressed the right priorities with a sense of urgency.

Start your day with The Independent, sign up for daily news emails
A poster by Durham Constabulary
Life and Style
Steve Shaw shows Kate how to get wet behind the ears and how to align her neck
healthSteven Shaw - the 'Buddha of Breaststroke' - applies Alexander Technique to the watery sport
Cameron Jerome
footballCanaries beat Boro to gain promotion to the Premier League
Arts and Entertainment
Performers drink tea at the Glastonbury festival in 2010
ebookA unique anthology of reporting and analysis of a crucial period of history
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Guru Careers: Software Developer / C# Developer

£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...

Neil Pavier: Management Accountant

£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...

Sheridan Maine: Commercial Accountant

£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...

Laura Norton: Project Accountant

£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...

Day In a Page

Abuse - and the hell that came afterwards

Abuse - and the hell that follows

James Rhodes on the extraordinary legal battle to publish his memoir
Why we need a 'tranquility map' of England, according to campaigners

It's oh so quiet!

The case for a 'tranquility map' of England
'Timeless fashion': It may be a paradox, but the industry loves it

'Timeless fashion'

It may be a paradox, but the industry loves it
If the West needs a bridge to the 'moderates' inside Isis, maybe we could have done with Osama bin Laden staying alive after all

Could have done with Osama bin Laden staying alive?

Robert Fisk on the Fountainheads of World Evil in 2011 - and 2015
New exhibition celebrates the evolution of swimwear

Evolution of swimwear

From bathing dresses in the twenties to modern bikinis
Sun, sex and an anthropological study: One British academic's summer of hell in Magaluf

Sun, sex and an anthropological study

One academic’s summer of hell in Magaluf
From Shakespeare to Rising Damp... to Vicious

Frances de la Tour's 50-year triumph

'Rising Damp' brought De la Tour such recognition that she could be forgiven if she'd never been able to move on. But at 70, she continues to flourish - and to beguile
'That Whitsun, I was late getting away...'

Ian McMillan on the Whitsun Weddings

This weekend is Whitsun, and while the festival may no longer resonate, Larkin's best-loved poem, lives on - along with the train journey at the heart of it
Kathryn Williams explores the works and influences of Sylvia Plath in a new light

Songs from the bell jar

Kathryn Williams explores the works and influences of Sylvia Plath
How one man's day in high heels showed him that Cannes must change its 'no flats' policy

One man's day in high heels

...showed him that Cannes must change its 'flats' policy
Is a quiet crusade to reform executive pay bearing fruit?

Is a quiet crusade to reform executive pay bearing fruit?

Dominic Rossi of Fidelity says his pressure on business to control rewards is working. But why aren’t other fund managers helping?
The King David Hotel gives precious work to Palestinians - unless peace talks are on

King David Hotel: Palestinians not included

The King David is special to Jerusalem. Nick Kochan checked in and discovered it has some special arrangements, too
More people moving from Australia to New Zealand than in the other direction for first time in 24 years

End of the Aussie brain drain

More people moving from Australia to New Zealand than in the other direction for first time in 24 years
Meditation is touted as a cure for mental instability but can it actually be bad for you?

Can meditation be bad for you?

Researching a mass murder, Dr Miguel Farias discovered that, far from bringing inner peace, meditation can leave devotees in pieces
Eurovision 2015: Australians will be cheering on their first-ever entrant this Saturday

Australia's first-ever Eurovision entrant

Australia, a nation of kitsch-worshippers, has always loved the Eurovision Song Contest. Maggie Alderson says it'll fit in fine