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October 30, 2008

New Lloyds TSB / HBOS board short on HBOS executives

by Gill Montia

Story link: New Lloyds TSB / HBOS board short on HBOS executives

When Lloyds TSB completes its merger with HBOS, only one HBOS executive will have a seat on the new board.

Both the chairman and the chief executive of HBOS, Dennis Stevenson and Andy Hornby, have already resigned but the bank’s company secretary and general counsel, Harry Baines, has been included in the new line-up.

The merged banks will be headed by Lloyds TSB’s chairman and its chief executive, Sir Victor Blank and Eric Daniels, both of whom will retain their current roles in the enlarged business.

The four other board directors are all Lloyds TSB executives.

The bank has also appointed four members of the group executive committee of the merged businesses, one of whom is from HBOS.

Despite the creation of a theoretical new board, the merger of the two banks has yet to be agreed.

Under the terms of the latest offer HBOS shareholders will receive 0.605 Lloyds TSB shares for every HBOS share owned.

The offer was downgraded from 0.833 Lloyds TSB shares for every HBOS share in mid-October, following a 62% slump in HBOS’ value during the previous month.

However, HBOS’s share price has since risen.

 

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