– UK, London – Lloyds Banking Group Plc (LON: LLOY) today announced the appointment of Sarah Legg and Catherine Woods to its Board of Directors as Non-Executive Directors.
Sarah Legg, who will join the Board on 1 December 2019, was Group Financial Controller of HSBC until earlier this year, and previously CFO for HSBC’s Asia Pacific region. Sarah will join the Board’s Audit and Risk Committees.
Catherine Woods will join the Board on 1 March 2020 after retiring as Deputy Chairman and Senior Independent Director of Allied Irish Bank in October 2019. Catherine will join the Board’s Risk and Remuneration Committees. As with other Group NEDs, both will also serve as Non-Executive Directors of the Group’s Ring-Fenced Bank Boards.
Anita Frew will have served 9 years as a Non-Executive Director in December 2019, and accordingly plans to step down as Senior Independent Director in December and retire as Deputy Chairman and Non-Executive Director at the AGM in May 2020.
Alan Dickinson will succeed Anita as Senior Independent Director as of 1 December 2019, and will also take on the role of Deputy Chairman following Anita’s retirement from the Board.
Lord Blackwell will have served 9 years on the Group Board in 2021, and accordingly plans to retire as Group Chairman at or before the AGM in 2021. The Board will, therefore, initiate a search process early next year once the new Senior Independent Director is in place to allow time to identify his successor and enable an orderly handover.
Lord Blackwell, Group Chairman, comments “We look forward to welcoming Sarah and Catherine as new Non-Executive Directors. They will add significant financial services experience as well as broader perspectives and diversity to the Board. At the same time we will miss the enormous contribution Anita Frew has made to the Group when she steps down from the Board after serving through a period of extraordinary transformation for the business.”
The Group has also made a separate announcement today that Juan Colombás, its Chief Operating Officer and an Executive Director, plans to retire from the Group and the Board in July 2020.
About Sarah Legg
Sarah Legg started her career as a graduate trainee accountant with HSBC, where she gained her CIMA qualification. After a range of Group roles, she moved to Hong Kong in 2006 to become Chief Accounting Officer for the Asia Pacific, moving up to Chief Financial Officer for the Asia Pacific in 2010 and serving as a Non-Executive Director of the Hong Kong listed Hang Seng Bank Limited. From 2015 to March 2019 Sarah served as a Group General Manager and the Group Financial Controller of HSBC.
About Catherine Woods
Catherine Woods has served as a Non-Executive Director of Allied Irish Banks since 2010, becoming Senior Independent Director in 2015 and Deputy Chairman in 2018 before retiring from the Group Board on 12 October 2019. Catherine will remain on the boards of two subsidiaries of AIB until the end of the year. She started her career with JP Morgan Securities, becoming Head of European Banks Equity Research in 1994 until she left in 2001. She has since held a range of Non-Executive and Advisory roles including Financial Expert to the Electronic Communications Appeals Panel and the National Broadband Panel in Dublin, and Non-Executive Director of An Post. She currently has ongoing roles as a Non-Executive Director of Beazley and of BlackRock Asset Management Limited Ireland.
For more information: https://www.lloydsbankinggroup.com
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