BusinessCompany NewsLloyds TSB FD resigns

Lloyds TSB FD resigns

The finance director of Lloyds TSB resigned unexpectedly yesterday due to what the company described as 'a change in strategic direction' since his appointment 19 months ago.

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Philip Hampton joined the Group in June 2002 but it is reported that differences quickly developed between him and chief executive Eric Daniels and the board.

It is understood he wanted to under-play expectations on future growth, which has been overestimated in recent years.

Further divergences in opinion at Lloyds are understood to have occurred over the role of insurer Scottish Widows in the group and the sustainability of high dividends.

Lloyds TSB said the reason for Hampton’s resignation was a move away from the merger, acquisition and restructuring activity that was the strategic focus at the time of his appointment.

Deputy chief executive Mike Fairey will take over the role while a permanent replacement is sought.

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