Moreno to step down from Lloyds board

Lloyds deputy chairman Glen Moreno – the US-born financier appointed by former prime minister Gordon Brown to oversee the government’s stakes in bailed-out banks – is stepping down.

Moreno, who joined the board just under two years ago and also chairs media group Pearson, said his decision to leave the group at its annual meeting in May came as the group had now “stabilised” following the HBOS acquisition.

“Lloyds has a robust long-term strategy to deliver what we all care deeply about: a safe and sound bank that serves its customers well and returns money to the UK taxpayer,” said Moreno, 68, who was appointed acting chairman of UK Financial Investments in January 2009.

Lloyds’ chairman Sir Win Bischoff described as Moreno as “an indefatigable champion of the shareholders of Lloyds”.

Anthony Watson, chairman of the bank’s remuneration committee and former chief executive of Hermes Pensions Management, will take over Moreno’s role as senior independent director and former Barclays executive David Roberts, chairman of the risk committee, will become deputy chairman.

“Their experience will be of great benefit to the board as we strive to deliver sound performance for our shareholders, customers and employees,” said Bischoff.

Earlier this month the bank announced a raft of changes to its board and senior management team, partly aimed at freeing up more time for chief executive Antonio Horta-Osorio to focus on strategy.

PERRY GOURLEY