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News - 13 June 2009
Boot Alliance puts confidence in failed banker
The former chief exec of HBOS Andy Hornby has been taken on at senior management level at Boots. The package he has been offered is reportedly worth £800,000 a year.
Some would argue that the appointment is a PR error particularly those who believe the full impact of the damage done by the banks has yet to unravel. See story in Knowledgebase forecasting redundancies within the Lloyds and HBOS groups.
Meanwhile others would say that there is no one better qualified to understand the issues that are affecting Boots at the moment with regard to debt.
Boots chairman, Stefano Pessina, has been on the trail of Hornby for some time having tried to poach him three years ago. Hornby comes with credible retail experience having previously held senior positions at Asda.
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