New CEO at LBG, parent of Widows, Bank of Scotland

Lloyds Banking Group (LBG) — parent of Scottish Widows, Bank of Scotland and Halifax — has named Charlie Nunn, currently global chief executive of wealth and personal banking at rival HSBC, as its next chief executive.

Nunn’s remuneration package will include a basic salary of £1.1 million  per annum and a fixed share award of £1 million per annum “and flexible benefit funding of 4% of basic salary.”

Since joining HSBC in 2011, Nunn has held a range of leadership positions including global chief operating officer of retail banking and wealth management, group head of wealth management and digital, and chief executive of retail banking and wealth management, assuming his current role in February 2018.

He began his career at Accenture where he worked for 13 years in the US, France, Switzerland and the UK and became a partner. He then moved to McKinsey & Co. as a senior partner for 5 years. 

António Horta-Osório, current LBG CEO, said: “Charlie will find a warm welcome at Lloyds Banking Group and a deep commitment from all of our people to deliver on our purpose and to help Britain recover.

“I am sure that he will find his time here as fulfilling and fascinating as I have done and I wish him the very best.”

Lloyds Banking Group chairman Lord Blackwell said: “I am delighted that we have now completed the leadership succession by appointing Charlie as CEO to work alongside Robin Budenberg as the incoming chairman.

“I am confident that together they will provide the strong leadership required to carry forward the strategic transformation that will enable Lloyds Banking Group to succeed as the UK’s leading retail and commercial bank.”

The date at which Nunn takes up his role will be subject to agreement with HSBC where his contract of employment contains a six month notice period and up to six months’ post termination restrictions. 

“In the event that Mr. Horta-Osório steps down ahead of Mr. Nunn’s appointment, it is envisaged, subject to regulatory approval, that William Chalmers, group chief financial officer, would take on the additional role of acting group CEO for the interim period,” said LBG.