Chopping and changing

20 December 2002 By Jonathan Ford

He faces a host of challenges on taking the helm of the huge UK bank: how to grow it and whether to cut the dividend, for instance. Peter Ellwood may not have done an amazing job, but pepping up this behemoth s performance won t be easy.

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Lloyds TSB has appointed Eric Daniels to succeed Peter Ellwood as chief executive. Ellwood will retire on 31 May 2003 following his 60th birthday.

Daniels, a US citizen who currently heads Lloyds' retail banking division, joined the group last year. He was previously chairman of ZonaFinanciera, a privatelyowned financial services portal focused on the Latin American market, which he joined in 2000. And before that he was a senior executive at Citigroup.

Ellwood, who will stand down after the next results, has been chief executive of Lloyds since 1997. Peter Aycliffe, who currently heads the personal banking business, will succeed Daniels as head of the retail business.

Chopping and changing

20 December 2002 By Jonathan Ford

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