Antonio Lorenzo will remain as the Group Executive Committee member accountable for the Consumer Finance division and Group Corporate Development as well as leading Insurance on an interim basis.
The Group strategy remains to further integrate the Insurance business within the wider banking group.
António Horta-Osório, Group Chief Executive said:
"Antonio has played a key role in building the Consumer Finance division into a core growth area for the business. We see similar growth opportunities for the Insurance division with a particular focus on building our digital propositions as well as continuing the integration of our insurance services with the group for the benefit of our customers. Antonio and the Insurance team will focus on ensuring we capitalise on these opportunities."
"During the last four years, Toby has helped to re-establish the Scottish Widows brand and deepened the Insurance division’s relationship with the Group. The next stage of our strategy involves a sustained investment over the next few years. Toby has reached the stage in his career where he feels unable to fully commit to that period of time. I would like to thank him for his hard work and dedication and we wish him well for the future."
Nick Prettejohn, Chairman of Scottish Widows plc, said:
“The Board would like to thank Toby for his leadership of the Insurance division over the last four years, particularly during a period of intense regulatory change for the industry. I’m pleased that Antonio Lorenzo will take on the role on an interim basis. His appointment will ensure we keep focused on delivering for our customers, responding to their changing needs whilst capitalising on the opportunities to grow the business.”
Antonio Lorenzo said:
“I am pleased to have been entrusted with the interim management of Insurance and look forward to helping the business move to the next phase of its strategy as a core part of the Group. With continued investment and a clear focus on helping our customers, there is a great deal that the business can achieve.”
Toby Strauss said:
"I am delighted to have been part of the Lloyds Banking Group management team that has returned the business to health and enabled taxpayers to get back their money at a profit. The Insurance division has played a material part in this turnaround while itself dealing with significant regulatory and market changes in the insurance sector. I have been privileged to lead the business through this period and to have contributed to the broader group agenda. I feel however that now is the time to move on to other challenges as the insurance division enters the next stage of its strategic growth."
