Lloyds names new chief executive, shares edge up

Lloyds Banking Group (LON: LLOY) has said that Charlie Nunn will be joining the group as the next chief executive.

Current chief executive Antonio Horta-Osorio will be stepping down next year to replaced by Nunn, who has been at HSBC since 2011.

Horta-Osorio 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.”

Commenting on his new role, Nunn said: “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.”

Nunn’s new appointment date has not been specified, however, his current role at HSBC has a six-month notice period.

Lloyds shares opened on Monday slightly higher at 38p. Shares in the lender have halved in the last year.

Robin Budenberg, the incoming chairman of Lloyds from January, commented on the news: “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.”

Shares in Lloyds (LON: LLOY) are currently trading +0.91% at 37,64 (1106GMT).