Controversial bank boss in line for new role
Jun 8 2009 by Peter McCusker, The Journal
The bank - which reported losses of almost £11bn last year and will drag Lloyds into the red this year - would almost certainly have been nationalised if the takeover had fallen through.
Mr Hornby’s background is in retailing after several years in senior posts at supermarket Asda before his move to HBOS. He is a non-executive director of Home Retail Group, which owns Argos and Homebase. Alliance Boots was taken private in an £11.1bn takeover in 2007 by executive chairman Stefano Pessina and US private equity firm Kohlberg Kravis Roberts. Mr Hornby will report to Mr Pessina if he lands the post.
A company spokesman said: “Alliance Boots confirms it is currently engaged in discussions with Andy Hornby, who is a leading candidate for the role. It hopes to complete the process shortly and a further announcement will be made at that time.” In May, the group said trading profits rose 11.6% to £953m in the year to March 31 - its first full year as a private company - helped by a strong performance in its health and beauty division.
The firm said the Boots UK health and beauty arm saw like-for-like sales rise 1.3% in the year, despite difficult trading conditions. The group’s own-brand No7 cosmetics and skincare brand maintained its market-leading position in the UK, thanks to popular products such as its new anti-ageing Protect & Perfect Intense Beauty Serum.
