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Chalmers will replace George Culmer in June this year subject to
regulatory approvals, the bank said in a statement on Friday.
Poaching Chalmers from Morgan Stanley will cost the bank 4.4
million pounds ($5.64 million) for the incoming CFO's forfeited
share awards.
Chalmers will be paid a basic salary of 794,938 pounds, slightly
higher than Culmer's pay in 2017 of 779,351 pounds.
He will also receive a fixed share award of 504,000 pounds
delivered in stock over five years. Culmer received the same
fixed share award.
Chalmers is currently co-head of Morgan Stanley's Global
Financial Institutions Group, having joined in 2000 from rival
JPMorgan.
Lloyds announced Culmer was stepping down after its
third-quarter results last year.
Over seven years as CFO Culmer helped the bank recover heavy
losses and return to profit, allowing the British government to
sell down its stake bought during the 2008 financial crisis.
"William has a proven track record in financial services and
will be a great addition to the executive team," said António
Horta-Osório, chief executive of Lloyds.
"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," Chalmers said.
($1 = 0.7798 pounds)
(Reporting by Iain Withers; Editing by Rachel Armstrong)
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