• Text size      
  • Send this article to a friend
  • Print this article

Chairman appointed to head Scottish Widows

Lloyds Banking Group has appointed Nick Prettejohn, former chief executive of Lloyd's of London and of Prudential UK and Europe, as chairman of Scottish Widows Group.

Mr Prettejohn will take on the role as the newest non-executive director on the board of Lloyds Banking Group. The Scottish Widows board, required as a separate entity by insurance regulation, has six executives and five other non-executives. The bank's chairman, Lord Blackwell, said Mr Prettejohn's appointment would allow him to step down as chairman of Scottish Widows and concentrate on chairing the banking group.

The insurance industry veteran takes over at the helm of a slimmed-down Widows, following the £550m sale of Scottish Widows Investment Partnership to Aberdeen Asset Management in a deal concluded on April 1. SWIP employed around 500 mainly in Edinburgh. A Lloyds spokesman said it was impossible to say how many were employed by Scottish Widows as its activities were so embedded within the group. But he estimated that around 3,000 of Lloyds' total 18,000 headcount were employed in Scottish Widows life and pensions activity, most of them in Scotland.

Mr Prettejohn's credentials were enhanced by a spell on the board of the new banking regulator the Prudential Regulation Authority, which he joined last June. Last month he said he was stepping down in favour of a "future outside regulation". He spent six years running Lloyd's of London, moving to the Prudential in 2006 where he was tipped for the top job in 2009, but quit after it was handed to finance director Tidjane Thiam.

Contextual targeting label: 
Finance

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

228880