Lloyds names HSBC’s Charlie Nunn as next chief executive
Lloyds Banking Group has named HSBC head of wealth and personal banking Charlie Nunn as its next chief executive.
Nunn will replace Antonio Horta-Osorio who said in July that he would step down next year once a successor was appointed.
The new chief executive will be paid a salary of £1,125,000 and a fixed share award of £1,050,000 per annum, though he will be eligible for a maximum group performance share award of 140% of basic salary.
His pension funding has been set at 15% of salary in accordance with the level set in the directors’ remuneration policy that aligns with arrangements for the majority of the workforce.
Nunn does not yet have a starting date for Lloyds. His HSBC contract contains a six-month notice period and up to six months’ post-termination restrictions.
Nunn started with HSBC in 2011 where he has held a variety of roles including global chief operating officer of retail banking and wealth management, group head of wealth management and digital, and chief executive of retail banking and wealth management.
He began his career at Accenture where he worked for 13 years in the US, France, Switzerland and the UK and became a partner. He then moved to McKinsey & Co. as a senior partner for 5 years.
Nunn said: “I look forward to building on the work of António and the team and their commitment to helping Britain prosper.”
Horta-Osorio added: “Charlie will find a warm welcome at Lloyds Banking Group and a deep commitment from all of our people to deliver on our purpose and to help Britain recover. I am sure that he will find his time here as fulfilling and fascinating as I have done and I wish him the very best.”
The current chief executive took a pay cut last year of more than £220,00 following criticism of his pension package.
Antonio Horta-Osorio was blasted by MPs last year for “greed” in relation to his £6.3m pay packet which included a pension contribution worth 46 per cent of his base salary – reduced to 33 per cent after an outcry.
He pension contributions are now 15 per cent, in line with the majority of Lloyds employees.