Tuesday, June 16, 2009

Hornby Train Crash

Former HBoS Chief Executive Andy Hornby has got a new job.

The bright young thing who drove one of Britain's biggest banks to the brink of collapse has been rewarded with the role of Chief Executive of Alliance Boots, owner of the high street chemist Boot's. He joined HBoS in 1999, becoming CEO in 2006 despite admitting to having no banking qualifications.

This is the guy who was dragged before the government to explain his actions along with Sir Fred Goodwin and actually refused to apologise, blaming the situation on a "global credit problem". He was forced out of HBoS (Halifax Bank of Scotland) in January 2009 and the company posted a loss of £10.8 billion for 2008.

His appointment is seen as a coup for the retailer who cite his "wealth of experience" as the important factor, preferring to not focus on his disastrous reign as Chief Executive of HBoS. Hornby was named in a report by the Guardian newspaper as one of the top 25 people responsible for the banking collapse.

I actually met Andy Hornby once and I can honestly say that I have never seen anyone show such contempt to the people he was being introduced to. His eyes were glazed over, he did not make eye contact with anyone and got away as soon as he could. He spoke only with his minion who rushed in to announce his arrival before he showed his face.

He's still only 42 years old so has plenty of time to do further damage but at least this time it is not the public's money put at risk.

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