Andy Hornby eyed for Coral
ANDY Hornby, the former chief executive of Alliance Boots, has been named as a frontrunner for the top job at Coral, the bookmaker.
Hornby, 44, stood down from Alliance Boots, owner of the high street chemist, in March, after saying he needed “a few months’ break”. However, according to weekend reports, he is tipped to make a comeback to the corporate sector after being approached to take the reins at the betting chain.
Hornby is believed to be one of several names on the shortlist to succeed Nick Rust, who resigned from Coral almost a year ago to join its rival, Ladbrokes.
Hornby was largely criticised for taking up the position at Alliance Boots in 2009, with many saying he was unsuitable because of his part in the demise of HBOS, which saw losses of £11bn before it was bought by rival Lloyds Banking Group.
Hornby, who was chief executive of the banking group, was one of a handful of top bankers who apologised for their role in the banking crisis before a meeting of the Treasury Select Committee in February 2008.
However Stefano Pessina, the chairman of Alliance Boots, backed Hornby, because of his management experience as managing director of George, ASDA supermarket’s clothing business. Until 2009, Hornby was also non-executive director at the Home Retail group, which owns Argos and Homebase.
After almost two years at the helm of Alliance Boots, Hornby announced that he needed to step back “after an intense last five years as CEO of two major companies”.
Coral is a subsidiary of Gala Coral, which runs bingo clubs and casinos.
The company, owned by a group of private equity firms and hedge funds, could be broken up over the next two years and has received approaches for parts of its business in recent months.
Coral declined to comment while Andy Hornby did not return City A.M.’s calls.