Lloyds Banking Group has announced the appointment of Charlie Nunn as group chief executive officer and executive director, subject to regulatory approval.
Mr Nunn (pictured) is currently global chief executive of wealth and personal banking at HSBC, which he joined in 2011 and has held various leadership positions.
Commenting on his appointment, Mr Nunn said: "I feel particularly lucky to be joining Lloyds Banking Group at this important time.
“Lloyds' history, exceptional people and leading position in the UK means it is uniquely placed to define the future of exceptional customer service in UK financial services.
“I look forward to building on the work of António and the team and their commitment to helping Britain prosper."
The group’s current chief executive, António Horta-Osório, is set to leave in June.
Mr Horta-Osório 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."
Mr Nunn’s joining date is subject to agreement with HSBC, where his employment contract contains a six-month notice period and up to six months’ post-termination restrictions.
Chief financial officer William Chalmers will take on the additional role of acting group CEO for the interim period, subject to regulatory approval, in the event Mr Horta-Osório steps down ahead of Mr Nunn’s appointment.
His remuneration arrangements include a basic salary of £1.125m a year.
According to Lloyds, Mr Nunn’s maximum remuneration level is around 20 per cent lower than that of the current group CEO.
Meanwhile, non-executive director Robin Budenberg, who will become chairman on January 1, has requested a 20 per cent reduction to his own remuneration package.
What do you think about the issues raised by this story? Email us on email@example.com to let us know.