Lloyds Banking Group Plc Finance Director Tim Tookey will leave the U.K.’s largest mortgage lender to join Friends Life, the insurer being built by Resolution Ltd., Clive Cowdery’s acquisition firm.
Lloyds Banking Group Plc named Tim Tookey interim group chief executive officer during António Horta-Osório’s temporary leave of absence.
Resolution Ltd. said Tim Tookey, finance director of Lloyds Banking Group Plc, will join as chief financial officer of Friends Life Group Plc.
Lloyds Banking Group Plc may have only two months to find a new chief executive officer after Antonio Horta-Osorio was told to take a “temporary leave of absence.”
Friends Life Group Ltd. fell in London trading after the insurer created by Clive Cowdery said it will miss its earnings target this year as it forecast annuity sales may tumble as much as 70 percent.
Lloyds Banking Group Plc, Britain’s largest mortgage lender, posted a wider-than-estimated full-year loss on a weaker U.K. economy and said income will drop in 2012.
Lloyds Banking Group Plc said it will “take forward” discussions from two bidders for the 632 branches it is selling to comply with European Union state-aid rules.
Lloyds TSB Bank Plc, part of Lloyds Banking Group Plc, had its bank financial strength rating put on review for a downgrade by Moody’s Investors Service after Chief Executive Officer Antonio Horta-Osorio took a leave of absence.
Lloyds Banking Group Plc Chief Executive Officer Antonio Horta-Osorio is seeking to return to work after taking medical leave last month, a person with knowledge of his plans said.