Oversight of retail marketing and product strategy across all of the group’s retail brands – including Lloyds TSB, Halifax and Bank of Scotland – has been centralised under the stewardship of Lorenzo, who will continue to lead the group’s wealth and international division.
Lorenzo will report directly to the group’s new chief executive, António Horta-Osório.
News of Lorenzo’s expanded role comes as it was announced that Helen Weir, group executive director for retail, is to step down. It is not thought she has a job to go. In addition, Archie Kane, group executive director for insurance and Scotland, is to retire.
Analysts suggest that Horta-Osório, who officially joined from Santander earlier this month, is trying to break with the banking group’s recent past.
The departure of Weir, Kane and previous chief executive Eric Daniels means that only finance director Tim Tookey and wholesale boss Truett Tate are left of the team that led the takeover of HBOS at the height of the financial crisis in 2008. The takeover left Lloyds 41% owned by the taxpayer.
Horta-Osório brought Lorenzo with him from Santander. He is not thought to have any specific marketing experience and was chief financial officer of the bank’s UK business before joining Lloyds. He did, however, previously lead its retail intermediary division.
It is not yet known how Lorenzo’s appointment will affect managing director for group marketing and direct channels Eva Eisenschimmel, who joined from EDF Energy last year.
Further changes are expected to be announced when a strategic review of the business, led by Horta-Osório, is completed.
Horta-Osório says in a statement: “These changes to the group’s management team will enable us to focus on meeting our 2011 targets, whilst putting in place some of the foundations which will enable us to deliver on our longer-term plans following the conclusion of the strategic review which is currently underway.”