Lloyds names HSBC's Charlie Nunn as CEO to replace Horta-Osorio

[LONDON] Lloyds Banking Group has named the head of HSBC Holdings' wealth and personal banking unit as its new chief executive officer.

Charlie Nunn will replace Antonio Horta-Osorio, according to a company statement Monday. Mr Nunn joined HSBC in 2011 and is a former partner at McKinsey and Accenture.

Mr Nunn's start date is subject to agreement with HSBC, where his contract of employment contains a six month notice period and up to six months' post termination restrictions. If Mr Horta-Osorio steps down ahead of Mr Nunn's appointment, it is envisaged that William Chalmers, the group's chief financial officer, would be acting CEO for the interim period.

Mr Nunn's pay will include a basic salary of £1.13 million (S$2.01 million) and a fixed share award of £1.050 million per annum, according to the statement.

BLOOMBERG

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