Tim Tookey is supposed to be in wind-down mode. Yet the departing finance chief of Lloyds has been thrust into action to run Britain's biggest retail bank after his boss signed off sick six days ago. The shock temporary departure of Chief Executive Antonio Horta-Osorio left a vacuum at the top of Lloyds Banking Group Plc and the bank was only able to confirm Tookey would take interim charge two hours after its original statement.
It was a remarkable turn of events for the bank and Tookey, the down-to-earth and amiable CFO, who had announced six weeks earlier he was leaving the goldfish bowl of UK banking to return to his insurance roots by taking a post at Resolution. "He is the Malvolio of the City in that he has had greatness thrust upon him, but he will cope admirably with the situation," said Mark Wood, former UK chief executive of Prudential, referring to the Shakespearean character. Tookey had worked at the Pru before joining Lloyds five years ago. But having to turn to someone headed for the exit reflects badly on Lloyds, some analysts and bankers said.
"Tim is a good CFO and will do what is right for the company. But he is leaving in February he was in wind-down mode," said one person in the industry. Tookey took his new role in his stride on Tuesday, when he unveiled more losses for the bank but said it was "business as usual" and no strategic plans had been paused.
"My biggest responsibility is to maintain the momentum so we can give the business back to Antonio in good condition with the same momentum and direction of travel that was here last week," Tookey told reporters on a conference call. Tookey's to-do list is certainly full.
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