Call for HBOS heads to quit

Nov 10 2008 by Neil Atkinson, Huddersfield Daily Examiner

THE former chiefs of two banks are to appeal directly to HBOS shareholders this week in a bid to oust the group’s top brass and scupper the Lloyds TSB takeover.

Its follows the announcement that board members “unanimously” rejected Sir George Mathewson and Sir Peter Burt proposals, which would force out HBOS’s chairman and chief executive.

The move was welcomed by Huddersfield MP Barry Sheerman, who is fighting for top-level talks about the impact the merger will have on jobs in his area.

The plan received support from selected MPs both sides of the border.

Labour MP Sheerman, who represents HBOS employees in his Huddersfield constituency, described the challenge put down as “dynamite”.

He added: “This letter shows with crystal clarity that there is no need for a merger. The proposed merger is a rip-off for shareholder value and for workers at HBOS.

“It is absolutely crucial that the present chairman and chief executive accept this call to stand down immediately and let Burt and Mathewson onto the board.”