The appointments were not well- received in the City and Storehouse's shares fell 10p to 239p. Lloyds Chemists grew rapidly by acquisition and there has been concern among investors about its accounting policies.
A Storehouse spokesman admitted that Mr Steele came from a 'controversial stable' but added that he had 'first-class accounting skills, first-class retail experience and considerable corporate experience'.
A chartered accountant, Mr Steele spent three years at Next before moving to Midsummer Leisure as finance director in 1987, joining Lloyds three years later. He will join Storehouse on 1 April.
The appointments mean the group will now have four executive and four non-executive directors on its board.
It has undergone a number of management changes recently. David Dworkin resigned as chief executive a year ago after just seven months in the job. Graham Rider, Mr Steele's predecessor as finance director, had been in the job for less than a year. He resigned last October, shortly after Keith Edelman took over as chief executive.Reuse content