Lloyds FD quits amid acrimony reports
Lloyds FD Tim Tookey quits seven months after the arrival of chief executive António Horta-Osório amid rumours of professional disagreement
LLOYDS BANKING GROUP finance director Tim Tookey is quitting amid reports of a falling out with new chief executive António Horta-Osório.
Tookey will follow former Lloyds executive Andy Briggs to insurance provider Friends Life, where he is to take up the post of chief financial officer, the Financial Times reports.
Horta-Osório joined from Santander on 1 March and Tookey is said to have harboured concerns over new business targets, including 15,000 job cuts, £1.5bn annual cost savings and a return on equity of up to 14.5% by 2014.
Tookey may have felt pressured by the hiring of Nathan Bostock, former FD of Santander UK, as head of wholesale banking. One source said this move gave Horta-Osório “a lot of flexibility” if Tookey were to go.