March 1, 2012 / 2:21 PM / 6 years ago

Culmer to become Lloyds finance director in May

LONDON, March 1 (Reuters) - George Culmer, the former chief financial officer of insurer RSA, will become the new finance director of Lloyds Banking Group in May, bringing to a close Lloyds’ drawn-out process in agreeing on a start date for Culmer.

Lloyds, which is 40 percent owned by the British government after a state bailout during the 2008 credit crisis, said on Thursday that Culmer would take up his position on May 16.

However, Lloyds’ previous finance director Tim Tookey has already left the company - meaning that chief executive Antonio Horta-Osorio will have to take on the role of finance director between now and mid-May.

Culmer, 49, will have an annual salary of 720,000 pounds ($1.2 million) and a discretionary annual bonus of up to a maximum of 200 percent of his salary.

Culmer has deferred awards and a cash bonus from RSA, which he has forfeited as a result of leaving RSA, and Lloyds will compensate him for this by giving him 1.9 million pounds worth of shares which will vest in 2013 and 2014.

$1 = 0.6260 British pounds Reporting by Sudip Kar-Gupta; Editing by Myles Neligan

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