Business Services Industry

CEO of British Bank Lloyds TSB Needs to Rebuild Reputation.

Knight Ridder/Tribune Business News, July, 2001

By Robert Bailhache, Sunday Business, London Knight Ridder/Tribune Business News

Jul. 15--Some people are born unlucky. After the events of the past few months, Peter Ellwood, Lloyds TSB's chief executive, probably believes he is one of them.

For five years he struggled to assert himself under the shadow of his former chairman, Sir Brian Pitman.

With Pitman gone, he had a golden opportunity to steal the limelight with a personal pet project, the takeover of Abbey National.

Ellwood, 57, came to Lloyds in 1995 through the bank's acquisition of Trustee Savings Bank, where he was chief executive. Pitman may have become chairman of the merged operation, but Ellwood continued to wield huge influence over the executive management of the...

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