Leaders of failed financial institutes have been widely castigated, and their competence challenged. But some remain in high demand. Andy Hornby is a case in point
This week, Alliance Boots was reported to be close to appointing Andy Hornby as CEO of its successful international business.
Alliance Boots is Europe’s largest wholesale and retail player in the pharmaceutical industry and employs 115,000 people. It is currently run by the Italian billionaire Stefano Pessina, who holds the post of executive chairman. “Alliance Boots confirms it is currently engaged in discussions with Andy Hornby, who is a leading candidate for the role,” the firm said in a statement.
Mr Hornby, in charge of HBOS at the time of the bank’s near-collapse last autumn, is among several candidates for the post. Before moving to HBOS he spent time in senior posts at supermarket giant Asda.
If we believe the rumours [June 7th 2009] Andy Hornby is back in fashion.
Hornby, formerly of HBOS, remains be one of the more highly regarded of recently deposed financial leaders.
LWD had reported positively on his leadership style after his interview with the BBC’s Robert Peston a few months before the banking crisis reached its peak (or do I mean trough?).
We had been tracking his story since the time that Mr Hornby had been assessed as one of the high flying British business leaders. He had enjoyed considerable success in his appointments Asda and Blue Circle, and then at the Halifax building society. He had also gained particular credit for the way he handled the Halifax merger with the Bank of Scotland, although his style was seen as less dynamic than that of more entrepreneurial banking leaders.
What’s going on
There are several interesting questions arising from the story of the re-emergence of Mr Hornby as a credible leader. Why should he now be the ultimate choice as its leader by a successful firm such as Alliance Boots? What explanation might be offered for the rumored appointment?
I believe there is a clue in the information provided above. Whatever explanation you might come up with, it helps knock on the head simplistic beliefs that all discredited banking executives have no further prospects of gainful employment in senior leadership positions.