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Scottish Widows’ chief executive steps down

Scottish Widows’ chief executive steps down

Toby Strauss, group director of its Lloyds’ insurance division and chief executive of Scottish Widows, is stepping down after four years with the group.

Lloyds Banking Group has appointed Antonio Lorenzo as interim group director of the insurance division and interim chief executive of Scottish Widows.

Mr Lorenzo will remain as the group executive committee member accountable for the consumer finance division and group corporate development as well as leading insurance on an interim basis.

The group said its strategy remains to further integrate the insurance business within the wider banking group, for the benefit of customers, building on the synergies between insurance and the retail, consumer finance and commercial divisions.

António Horta-Osório, group chief executive, said: “Antonio has played a key role in building the consumer finance division into a core growth area for the business.

“We see similar growth opportunities for the insurance division with a particular focus on building our digital propositions as well as continuing the integration of our insurance services with the group for the benefit of our customers. Antonio and the insurance team will focus on ensuring we capitalise on these opportunities.”

“During the last four years, Toby has helped to re-establish the Scottish Widows brand and deepened the insurance division’s relationship with the group.

“The next stage of our strategy involves a sustained investment over the next few years. Toby has reached the stage in his career where he feels unable to fully commit to that period of time. I would like to thank him for his hard work and dedication and we wish him well for the future.”

Mr Strauss will remain with the business over the coming weeks to ensure an effective transition and handover to Mr Lorenzo.

donia.o’loughlin@ft.com