Lloyds scores coup with appointment of Horta-Osorio

first_img Tags: NULL Wednesday 3 November 2010 10:07 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCute whatsapp Show Comments ▼ Lloyds scores coup with appointment of Horta-Osorio Sharecenter_img Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap KCS-content whatsapp LLOYDS Banking Group investors yesterday breathed a sigh of relief after the bank managed to lure Santander’s highly-respected UK chief António Horta-Osório to replace departing chief executive Eric Daniels.The appointment, which came as a bolt out of the blue, was immediately viewed as a coup by those who doubted Lloyds’ ability to attract a high-calibre new chief, given the dominant influence of the government on its strategy and remuneration culture.Horta-Osório will take a substantial pay cut to join Lloyds, though at face value his new remuneration package of up to £8.3m looks generous indeed. He will receive the same annual salary and maximum bonus as Daniels, worth £1.035m and £2.3m respectively, a £610,000 pension allowance and a maximum long term performance-based incentive plan worth £4.35m at today’s share price, which will only vest in full if “stretching targets are exceeded by a significant margin”.Horta-Osório said the “emotional decision” to leave Santander was sealed by the irresistible challenge of leading Lloyds to the next stage of its development. “I strongly believe that it is impossible to have a strong economy without a strong banking sector, and vice versa,” Horta-Osório said. Daniels will step down in March but will stay on in an advisory role until September. He will have accrued a pension pot of well over £4m by the time he leaves. last_img

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