Lloyds unveils management shake-up

Lloyds Banking Group yesterday announced a management shake-up as the bank, which came out of part-taxpayer ownership recently, paves the way for its next three-year strategy update.

The restructuring includes the departure of Andrew Bester, director of commercial banking, after five years with the group. He will be replaced by David Oldfield, currently head of the retail banking operation.

Lloyds said chief financial officer George Culmer will also take on responsibility for the legal and strategy teams, as well as for Lloyds Development Capital.

Simon Davies – chief people, legal and strategy officer – is departing after recently taking a leave of absence as his wife is unwell, the bank said. The changes will take effect on 4 September.

Executive director Juan Colombas has been appointed to the newly created role of chief operating officer, heading departments including IT and group services.

The lender also said that it planned to announce its strategy for 2018-20 plan at its annual results next February.

Lloyds chief executive Antonio Horta-osorio said: “The changes we are announcing today are fundamental to prepare the group for the next phase of its transformation under our upcoming strategic plan.”

The group said it will result in a “new, broader, and more diverse” executive committee. The government sold its remaining stake in Lloyds in May after it was bailed out with taxpayer cash at the height of the financial crisis. 0 Antonio Horta-osorio, chief executive of Lloyds