Hankies at the ready.
Eric Daniels is leaving Lloyds. As the bank said in a release on Monday:
Eric Daniels, Group Chief Executive of Lloyds Banking Group, has informed the Board of his intention to retire in a year’s time.
The Board is grateful to have been given time to conduct an extensive search and appoint a successor. It will be forming a Committee, headed by Sir Win Bischoff, to conduct the search. The Committee will consider candidates internally, externally and on an international basis to lead the next phase of the development of Lloyds Banking Group.
Eric has agreed to continue as Group Chief Executive until the search process is successfully completed.
Well — Eric may also have jumped before he was pushed, frankly.
The Independent Banking Commission is just about due to set up shop in the UK, for one thing. As we’ve already noted, the commissioners may not look too kindly on his, err, primary legacy – Lloyds’ retail merger with HBOS.
And the timing’s doubly weird, as Daniels will be in the background for the government’s sale of its stake in Lloyds next year, too.
Oh, but we’re just too cynical on FT Alphaville. Try not to get teary at this panegyric to Daniels from Lloyds’ chairman:
Sir Win Bischoff said: “The entire Board and I are grateful to Eric for his leadership as Chief Executive since June 2003, particularly since the announcement of the acquisition of HBOS in September 2008. The successful integration of the two companies and the sooner than expected return to profitability of the enlarged Lloyds Banking Group are testament to his disciplined and vigorous leadership during a time of unprecedented financial turmoil. It is to Eric’s credit that Lloyds Banking Group is in such an excellent position for the next phase of its development…
Yes, thanks Eric. Once you’re gone, the only way for Lloyds shareholders will be up.
Related links:
Zen and the art of flogging UK banks – FT Alphaville
The UK banking cartel – FT Alphaville