Sir Victor Blank, one of Gordon Brown’s favourite businessmen, has been forced to step down as chairman of Lloyds Banking Group after losing the confidence of major shareholders in the high-street bank, which has been crippled by the rescue takeover of HBOS.
Sir Victor Blank, one of Gordon Brown’s favourite businessmen, has been forced to step down as chairman of Lloyds Banking Group after losing the confidence of major shareholders in the high-street bank, which has been crippled by the rescue takeover of HBOS.
The resignation of the 66-year old City veteran was accepted by the board of the embattled bank today and may prompt speculation about succession planning for Eric Daniels, chief executive of the bank, which is 43% owned by the taxpayer.
Blank, who brokered Lloyds TSB’s rescue takeover of HBOS last September with the prime minister’s intervention, will leave before the annual meeting in 2010. In an attempt to demonstrate boardroom unity, Lord Leitch, the most senior non-executive director on the board, is becoming deputy chairman with immediate effect.
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Blank, who became chairman three years ago after a distinguished career as a businessman, is not entitled to a payoff after receiving £669,000 last year. He is the latest bank boss to lose his job in the ongoing crisis, following the departure of senior bankers from HBOS, who were ousted by Lloyds after the takeover, and top executives at Royal Bank of Scotland.
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