finance

HSBC personal banking head to become chief executive of Lloyds Banking Group



Lloyds Banking Group has revealed that Charlie Nunn will become its next chief executive, replacing Antonio Horta-Osorio, who is stepping down in June next year.

Nunn joins from HSBC where he has worked since 2011, most recently running the Wealth and Personal Banking division.

Exact timings for his start date are under discussion but Lloyds pointed out his overall pay package will be 20% lower than his predecessor.

Nunn said: “I feel particularly lucky to be joining Lloyds Banking Group at this important time.

“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 Antonio and the team and their commitment to helping Britain prosper.”

His basic salary will be £1.125m, with a fixed share award of £1.05m and flexible benefits of 4%. Pension contributions will be at 15% of salary and he will be entitled to a group performance share award worth up to £1.575m.

Nunn has agreed to limit the maximum award under the Long Term Share Plan to 150% of his basic salary – lower than what he could be entitled to. His predecessor was criticised over his £6.5m total pay package last year.



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