Antonio Lorenzo will take over as interim group director of the insurance division and chief executive of Scottish Widows while remaining in his former role as group executive committee member in charge of the consumer finance division.
Lloyds’ strategy is to integrate the insurance business with the wider banking group.
António Horta-Osório, Lloyds Banking 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.”
Horta- Osório praised Strauss for his work in re-establishing the Scottish Widows brand and strengthening its relationship with the wider 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.”
Strauss will remain with the business over the coming weeks to ensure an effective transition and handover to Antonio Lorenzo.
