Ex-HBOS chief Andy Hornby leaves Boots post

Published on Friday 25 March 2011 14:35

THE former head of Halifax Bank of Scotland, who was in charge when the bank was bailed out by the taxpayer, has today resigned from his chief executive role with high street retail chain Boots.

Mr Hornby's announcement comes less than two years after he was appointed to the high profile role with the retailer's parent company Alliance Boots.

He said he was stepping down from the 850,000-a-year role to take a "few months break".

"After an intense last five years as chief executive of two major companies, I have decided to take a few months break.

He added: "I have thoroughly enjoyed the last couple of years at Alliance Boots during which time the company has performed very well."

Today's news marks an apparent blow to Mr Hornby's career, which appeared to be back on track after his appointment as chief executive of Boots so soon after his disastrous stint at HBOS.

He landed a 400,000 "golden hello" when he took on the top job at Boots in July 2009 and the firm's last annual report showed he earned a total of more than 2 million in pay and benefits for the first nine months alone.

He was one of a number of disgraced bankers - including former Royal Bank of Scotland boss Sir Fred Goodwin - who received a very public mauling in the wake of the financial crisis which led to a series of taxpayer bail-outs.

Lloyds has been left 41% owned by the state after assuming billions of pounds of bad debts through its takeover of troubled lender HBOS.

Boots executive chairman Stefano Pessina will take on his role while the firm searches for a replacement.

The group stressed today that it expects to deliver "another year of strong trading profit growth" when it reports results to March 31 in May.