Eric Daniels, who retired as CEO of Lloyds Banking Group last year, has announced plans to step down as a non-executive director of UK incumbent operator BT.
In a stock exchange announcement today, BT said Daniels will step down from its board on 13…
Eric Daniels, who retired as CEO of Lloyds Banking Group last year, has announced plans to step down as a non-executive director of UK incumbent operator BT.
In a stock exchange announcement today, BT said Daniels will step down from its board on 13 June, after four years in the role.
BT chairman Sir Mike Rake said: “’Eric has been a great asset and we have particularly valued his global business experience. I would like to thank him for his contribution over the last four years.”
A BT spokesman said Daniels had stepped down to pursue other commitments.
Daniels hit local headlines in mid-march for seemingly being denied a bonus worth a reported £800,000 (US$1.3m) for cutting costs under Lloyds’ long-term incentive plan, following its rescue takeover of rival banking group HBOS. This came hot on the heels of Lloyds partially clawing back bonuses for 2010, after being hit with multibillion pound losses resulting from the mis-selling of payment protection insurance.
Daniels left Lloyds in March 2011, after being a director since 2001. He joined BT’s board on 1 April 2008, and was a member of the telco’s remuneration and the nominating and governance committees.
In January 2012, Daniels joined UK advisory firm StormHarbour, which specialises in restructuring, as a principal and senior adviser.
