Lloyds Banking Group plc (LBG) — owner of Scottish Widows and Bank of Scotland — announced that insurance industry veteran Nick Prettejohn will step down as an LBG director and as chair of Scottish Widows Group on September 30, 2021, after more than seven years on the board. 

Prettejohn is leaving LBG to become chair at TSB Bank plc subject to regulatory approval.

TSB is currently owned by Spain’s Banco Sabadell.

Sophie O’Connor, a non-executive director of Scottish Widows Group, will succeed Prettejohn as interim chair of Scottish Widows subject to regulatory approval. 

TSB said Prettejohn will join the TSB board as a non-executive director on November 1 and will take up the role of chairman, succeeding Richard Meddings, later in the year.

“Nick Prettejohn has a wealth of executive and board-level experience,” said TSB.

“He has served as chief executive of Lloyd’s of London, Prudential UK and Europe, and was chairman of Brit Insurance.

“He is currently a non-executive director of Lloyds Banking Group, and holds a number of chair roles at LBG subsidiary, Scottish Widows Group, media and publishing group Reach plc and the human rights charity Prisoners Abroad.

“He was formerly a non-executive director of both the Prudential Regulation Authority and Legal & General Group Plc, as well as chairman of the Financial Services Practitioner Panel and the Financial Conduct Authority’s Financial Advice Working Group.”

TSB’s senior independent non-executive director, Lynne Peacock, who led the search, said: “I’m delighted Nick is joining TSB as our new chair.

“He brings significant experience in leading boards, developing teams and managing stakeholders, crucially, with a strong track record in developing businesses for the better.

“I also want to take this opportunity on behalf of the TSB board to thank Richard Meddings for his outstanding service to the bank over the past four years.

“He leaves with TSB well set for the future – with a highly effective CEO, Debbie Crosbie, and her experienced management team taking forward a growth strategy that is already delivering strong results.”

Prettejohn said: “I’m delighted to be joining TSB as chairman.

“I look forward to leading the board and supporting Debbie Crosbie and the executive team to continue to deliver the growth strategy and provide TSB customers with consistently excellent service.”

Banco Sabadell chairman Josep Oliu said: “TSB and the wider Sabadell Group will benefit from Nick’s leadership.

“TSB is generating real momentum and Nick’s experience will be invaluable as the group delivers on the strategy we set out earlier this year.”