Final Member of Lloyd’s Old Management Quartet Resigns
Tim Tookey has announced he is leaving his post as finance director of Lloyds Banking Group. Mr Tookey will leave the lender in February to join Friends Life as chief financial officer. Friends Life is the fifth largest insurer in the UK and is currently undergoing major structural changes.
The suddenness of Mr Tookey’s decision to leave Lloyds has led to widespread speculation that there had been a falling out between Mr Tookey and Lloyd’s new chief executive, António Horta-Osório. Mr Tookey, however, maintains that these rumours are false.
Mr Tookey stated in an interview,
“There’s been absolutely no disagreement on strategy between António and I at Lloyds. I’ve greatly enjoyed developing the strategy with António and bringing it to the market…and I’ve enjoyed being part of the team that’s now focused on delivering it.”
Although Mr Tookey said that he
“wouldn’t have missed it for the world,”
…referring to his time at Lloyds, during which the government spent £20bn to rescue the lender, he felt it was time for something new.
“This has been an important period for the group and I am pleased to have played a part in defining the next stage of the strategy. With its implementation now under way, this felt like the right time to consider a different challenge.”
Mr Tookey, who was paid £1.58m for his services last year as well as £150,000 in pension contributions, is the last remaining member of the Lloyds management team that was in place at the time of the financial crisis. His departure means that, as of February, the bailed-out lender will have created an entirely new post-bailout management team.
Ian Gordon, banks analyst at Evolution Securities, stated in an interview,
“Tim Tookey’s departure represents a de facto clean sweep of the executive team inherited by António Horta-Osório when he arrived.”
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