Lloyds bank robbed HSBC banker Charlie Nunn to be the new CEO, replacing Antonio Horta Osorio in the top position.
Mr. Noon is currently the Global Head of Wealth and Personal Banking at HSBC, where he has worked since 2011. He was previously a partner at management consulting firms Accenture and McKinsey.
Noon’s appointment comes at an important time for Lloyd’s, which is working on a new plan to deal with the common pressures of low interest rates, Brexit and recover from the coronavirus pandemic.
The move will also complement a broader change of guard at the Lloyd’s Summit, with Robin Bodenberg scheduled to take over as chairman on January 1 and William Chalmers joining as CFO last year.
Norman Blackwell, outgoing chairman of Lloyd’s said, “I am delighted that we have now completed the leadership succession by appointing Charlie as CEO to work alongside Robin Bodenberg as the next Chairman. I am confident that together they will provide the strong leadership required to advance the transformation. The strategy that will enable Lloyd’s of Banking Group to succeed. ”
Mr. Nunn will receive a fixed wage of around £ 2.4m, compared to the £ 2.6m Mr Horta-Osório will receive this year. Lloyds said his maximum bounty will be about 20 percent lower than Mr Horta Osorio’s current arrangement.
Lloyds said Mr. Noon’s start date will depend on reaching an agreement with HSBC, in which he has a six-month notice period and “other post-termination restrictions” for up to another six months.
Horta Osorio, who has led Lloyd’s for ten years, is due to leave in June. The bank said that if he leaves before Mr. Noon’s arrival, CFO William Chalmers will temporarily take over the CEO position.
The Portuguese CEO successfully led the bank’s recovery from the financial crisis, returning it to profitability and the private sector, but its record tarnished by its handling of numerous historical scandals, including the wrong sale of payment protection insurance.
Mr. Budenberg, who has already joined the group’s board of directors as a non-executive person and has worked in the recruitment process, said: “I am excited by Charlie’s vision for Lloyds Banking … and given his professional track record, he will bring world-class operational, technical and strategic expertise to build on the strengths of the Lloyds Banking team. Current management. “
At HSBC, Mr. Nunn will be replaced by Nuno Matos, currently President of HSBC Europe.