TIDMLLOY
RNS Number : 8410G
Lloyds Banking Group PLC
30 November 2020
30 November 2020
LLOYDS BANKING GROUP: APPOINTMENT OF CHARLIE NUNN AS GROUP CHIEF
EXECUTIVE
Lloyds Banking Group plc is pleased to announce that, subject to
regulatory approval, Charlie Nunn is to be appointed to the role of
Group Chief Executive Officer and Executive Director.
Mr. Nunn is currently global Chief Executive, Wealth and
Personal Banking at HSBC. Since joining HSBC in 2011, Mr. Nunn has
held a range of leadership positions including Global Chief
Operating Officer of Retail Banking and Wealth Management, Group
Head of Wealth Management and Digital, and Chief Executive of
Retail Banking and Wealth Management, assuming his current role in
February 2018. He began his career at Accenture where he worked for
13 years in the US, France, Switzerland and the UK and became a
Partner. He then moved to McKinsey & Co. as a senior Partner
for 5 years.
Robin Budenberg, Non-Executive Director and incoming Chairman
from 1 January 2021, said "I am excited about Charlie's vision for
Lloyds Banking Group, as well as his passion for and commitment to
our purpose of helping Britain prosper. Given his career track
record, he will bring world class operational, technology and
strategic expertise to build on the strengths of the existing
management team. I look forward to welcoming him to the Group."
Charlie 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."
Lord Blackwell, Chairman of Lloyds Banking Group, said " I am
delighted that we have now completed the leadership succession by
appointing Charlie as CEO to work alongside Robin Budenberg as the
incoming Chairman. I am confident that together they will provide
the strong leadership required to carry forward the strategic
transformation that will enable Lloyds Banking Group to succeed as
the UK's leading retail and commercial bank. "
António Horta-Osório, Group Chief Executive Officer, 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."
The appointment follows a rigorous selection process managed by
Robin Budenberg, Lord Blackwell and Alan Dickinson, Deputy Chairman
and Senior Independent Director.
The date at which Mr. Nunn takes up his role will be subject to
agreement with his current employer where his contract of
employment contains a six month notice period and up to six months'
post termination restrictions.
In the event that Mr. Horta-Osório steps down ahead of Mr.
Nunn's appointment, it is envisaged, subject to regulatory
approval, that William Chalmers, Group Chief Financial Officer,
would take on the additional role of Acting Group CEO for the
interim period. In this role he would be closely supported by Robin
Budenberg and Alan Dickinson in their roles as Chairman and Deputy
Chairman. Mr. Chalmers would continue to maintain ongoing
responsibility as Group CFO, but arrangements would be made to
support him in this role and manage his wider responsibilities
appropriately.
This announcement contains information that qualified or may
have qualified as inside information and is disclosed in accordance
with the Market Abuse Regulation (EU) 596/2014 ("MAR"). For the
purposes of MAR, this announcement is made by Kate Cheetham, Group
General Counsel & Company Secretary.
There are no other matters to be disclosed under listing rule
9.6.13R in relation to Charlie's appointment.
Remuneration Arrangements
Mr. Nunn's remuneration arrangements have been set in accordance
with the Directors' Remuneration Policy approved by shareholders at
the AGM on 21 May 2020. This will include a basic salary of GBP
1,125,000 per annum and a Fixed Share Award of GBP 1 ,050,000 per
annum, and flexible benefit funding of 4% of basic salary.
Pension funding has been set at 15% of salary, in accordance
with the level set in the Directors' Remuneration Policy that
aligns with arrangements for the majority of the workforce.
Mr. Nunn will be eligible for a maximum Group Performance Share
award of 140% of basic salary. Mr. Nunn has agreed to limit the
maximum award under the Long Term Share Plan to 150%, lower than
the maximum allowable for executive directors under the Directors'
Remuneration Policy. In aggregate, the changes to salary and
maximum Long Term Share Plan award will result in a maximum
remuneration level that is c.20% lower than that of the current
Group Chief Executive. The incoming Chairman, Robin Budenberg, has
requested that his own remuneration package also be reduced by 20
per cent.
On appointment, Mr. Nunn will be granted deferred cash and share
awards to replace, like for like, unvested HSBC awards that are
forfeited as a result of him joining Lloyds Banking Group. The
awards to be granted match the vesting and retention period
attached to the awards being forfeited.
In addition, to acknowledge that Mr. Nunn will lose his expected
bonus awards from HSBC for the 2020 performance year, a 'lost
opportunity' bonus award will be made on hire or as soon as
reasonably practicable thereafter. The value of this award will be
calculated by reference to Mr. Nunn's 2019 bonus, adjusted as
appropriate by reference to HSBC's total Group bonus pool as
disclosed in their 2020 Annual Report and Accounts. The awards
granted will be delivered in a mixture of cash and shares in
accordance with the rules generally applicable to Lloyds Banking
Group awards.
- ENDS -
For further information
Investor Relations
Douglas Radcliffe +44 (0) 20 7356 1571
Group Investor Relations Director
douglas.radcliffe@lloydsbanking.com
Corporate Affairs
Matt Smith +44 (0) 20 7356 3522
Head of Media Relations
matt.smith@lloydsbanking.com
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