Lloyds Banking Group chief people legal and strategy officer and former Linklaters managing partner Simon Davies is stepping down from his role at the bank amid a wider management shakeup.
The bank said in a statement on its website: “Simon Davies, chief people, legal and strategy officer, who recently took a leave of absence from the group as his wife is unwell, has decided to leave the organisation.”
He is leaving after almost two years in the role.
Linklaters made the shock announcement that Davies would step down a year early to take on the newly-created role at Lloyds in 2015.
Davies was given a mandate to review Lloyds Bank’s legal function as one of the first jobs in his new role as chief people, legal and strategy officer, according to bank insiders last year.
Group general counsel Kate Cheetham has been appointed to the group executive committee in the same reshuffle, which will go live on 4 September 2017.
Other changes included chief financial officer George Culmer taking responsibility for the legal and strategy teams, as well as Lloyds Development Capital.
Lloyds group chief executive António Horta Osório said: “The changes we are announcing today are fundamental to prepare the Group for the next phase of its transformation under our upcoming strategic plan for the period 2018 – 2020. They are a key step to ensuring the continued alignment of the bank’s capabilities and strategy as a simple, low risk UK focused bank with our customers’ evolving needs.”
The full management changes, below:
- Executive director Juan Colombás has been appointed to the new role of Chief Operating Officer, bringing together several critical functions including transformation, IT, people, community banking, and group services.
- Chief financial officer and executive director George Culmer will take on responsibility for the legal and strategy teams, as well as for Lloyds Development Capital (LDC).
- Digital and end-to-end transformation director Zaka Mian has been appointed as the group director, transformation. This new transformation division will comprise all business and IT change, data and IT architecture, customer insights, innovation and applied sciences, and be responsible for the ongoing development of the digital channel.
- Managing director of products Vim Maru has been appointed to the role of group director, retail with responsibility for all retail and consumer finance products and group brands and marketing. Maru will also be responsible for the integration of the MBNA business.
- Director of retail and customer finance David Oldfield has been appointed to the role of group director, commercial banking including global corporates, financial institutions, mid markets and SME banking.
- Insurance group director Antonio Lorenzo will expand his role to take on responsibility for the wealth segment.
- Group director of operations Karin Cook has been appointed to the role of group services director with responsibility for global payments, group property, security, sourcing and customer services.
- Chief risk officer for commercial banking Stephen Shelley will become the group chief risk officer and a member of the group executive committee.
- Chief of staff to the group chief executive Janet Pope has been appointed as the chief of staff and group corporate affairs director and also becomes a member of the group executive committee.
- Group organisational design and cost management director Jen Tippin was appointed as the new group people & productivity director. Retail banking COO Jakob Pfaudler was appointed as the new community banking director and together with group general counsel Kate Cheetham, all three will attend the group executive committee.
- After five years with the Group, and having led the successful turnaround of the Commercial division, commercial banking group director Andrew Bester is leaving the bank.
- Chief people, legal and strategy officer Simon Davies has decided to leave the bank.
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