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Lloyds set to lose group finance director

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19th Sep 2011
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Lloyds Banking Group has confirmed group finance director Tim Tookey will leave his role and his place on the board in February 2012.

Tookey joined Lloyds Banking Group in 2006, and had been in the role of group finance director since October 2008, a month after the bank announced its merger with HBOS. After leaving his position in the New Year, Tookey is set to become CFO of life assurance company, Friends Life.

António Horta-Osório, group chief executive said Tookey had provided Lloyds Banking Group with “valuable insight and experience.”

Tookey said his time at the banking group has been both “exciting and rewarding”:

“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 which I fully endorse as the right one to realise the Group’s potential.,” he said. “With its implementation now underway, this felt like the right time to consider a different challenge.”

Andy Briggs, CEO at Friends Life, said Tookey’s appointment was the result of expectations of “further consolidation” in the UK sector: “We wanted a CFO with significant transaction and capital markets experience. Tim clearly has that,” Briggs said according to Reuters.

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