Lloyds Banking Group has tapped Morgan Stanley investment banker William Chalmers to be its next chief financial officer.
Mr Chalmers is currently co-head of Morgan Stanley’s global financial institutions group, having joined the US bank in 2000. Prior to joining Morgan Stanley, he spent six years at JP Morgan, where he became managing director in 2003.
Mr Chalmers will join Lloyds in June following the retirement of incumbent George Culmer.
The high street lender will pay Mr Chalmers about £4.4 million in deferred cash to replace awards he will lose when he leaves Morgan Stanley and will be eligible for awards under the Lloyds share scheme.
He will also pocket a basic salary of £794,938 and receive a fixed share award of £504,000, delivered over five years.
As CFO of Lloyds he will have a pension allowance of 25% of his basic salary and a benefits allowance of 4% of the salary.
Lloyds chief executive Antonio Horta-Osorio said: “William has a proven track record in financial services and will be a great addition to the executive team.
“We will be sad to see George go, but are pleased to have had him in the team for the past seven years and to be able to have George and William working together to ensure a smooth transition.”
Lord Blackwell, Lloyds chairman, said: “We are pleased to have been able to attract a candidate of William’s calibre to the board. He brings a wealth of experience that will be of significant benefit to the group.”
Mr Chalmers added: “I very much look forward to joining the executive team at Lloyds Banking Group. It is a tremendous company that is going through an impressive transformation. I look forward to getting started and making a contribution.”
Lloyds is currently in the midst of a £3 billion, three-year transformation programme to invest in people and technology.
The bank is due to publish full-year results in Wednesday.