SUN Capital Partners has lined up former Lloyds deputy chief executive Mike Fairey to be chairman if the group’s bid for 632 of the bank’s branches is successful, a source confirmed yesterday.
Sun Capital, a group of investors that includes Edward Spencer-Churchill and entrepreneur Hugh Osmond, has selected Fairey (pictured right) for his decade of experience in his role at Lloyds.
Fairey also works with Osmond as chairman of the latter’s acquisition vehicle Horizon, which made its first purchase in June.
He was deputy chief executive of Lloyds TSB from 1998 until he retired in June 2008, and is currently a non-executive at Northern Rock.
If Sun Capital wins the auction for the Lloyds branches, Fairey would become chairman of a separate vehicle used to take over the assets.
Lloyds is selling off the branches by auction after an EU competition ruling.