Lloyds TSB picks head for retail arm

Lloyds TSB is poised to announce that Paul Brown will take over from Peter Ellwood as chief executive of Retail Financial Services (RFS) next February.

The move will mean that Brown, who is deputy chief executive, will relinquish his responsibility for marketing services to Colin Fisher, RFS director with responsibility for cards, loans, current accounts and small businesses, as tipped in Marketing Week (May 24).

The bank announced last week that former TSB chief executive Ellwood would replace Sir Brian Pitman as chief executive of the merged Lloyds TSB next year.

The moves in RFS will complete the takeover of the merged retail division by former Lloyds directors. In July, John Elbourne, former deputy chief executive of TSB, resigned his position as director of RFS with responsibility for savings and investments, general insurance and pensions, complaining that Lloyds executives were taking over.

A spokeswoman for Lloyds TSB says she could not comment on Brown’s appointment.

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