LLOYDS Banking Group confirmed yesterday that Lord Blackwell, one of the bailed-out bank’s non-executive directors, will be promoted to chairman.
Blackwell, a former consultant for McKinsey and the chairman of Lloyds unit Scottish Widows as well as FTSE 250-listed Interserve, will replace Sir Win Bischoff in April.
He advised Margaret Thatcher’s government and served as head of John Major’s policy unit, taking a peerage in 1997. Blackwell also acted as director of group development at NatWest for three years.
“Our desire was to find someone with deep financial services experience who would also have credibility with our key stakeholders,” said Tony Watson, the senior independent director who led the hunt for the next chairman. “Lord Blackwell is the unanimous choice of the board.”
He takes the chairmanship as the government looks at selling off its remaining 33 per cent stake in Lloyds, as the bank exits its 2008 bailout.