Weir is currently group finance director of Lloyds TSB, having joined the group in 2004.

Eric Daniels, Lloyds TSB group chief executive, said he was delighted to see Weir take up the leadership of the retail bank given her strong track record of delivery coupled with her experience of retail businesses. 

“As group finance director she has an in-depth understanding of the retail bank and is the obvious and natural choice to lead the division through the next phase of its development,” he added.

Sir Victor Blank, Lloyds TSB (LSE:LLOY) chairman, said that Weir’s track record as group finance director and an executive director of Lloyds TSB speaks for itself.

“She is a hugely respected industry figure and it is natural that she should now bring her skills and considerable retail experience to our retail bank,” he added.

The board also announced that Tim Tookey, currently deputy group finance director, would assume the position of acting group finance director to ensure a smooth transition of responsibilities as Weir takes charge of the retail bank.

Weir, 45, joined the board in 2004. She was previously group finance director of Kingfisher from 2000 to 2004 and finance director of B&Q from 1997, having joined that company in 1995.

She held a senior position at McKinsey & Co from 1990 to 1995 and Began her career at Unilever in 1983.

Weir is a non-executive director of Royal Mail Holdings, a member of the Said Business School Advisory Board and a former member of the Accounting Standards Board.

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• Lloyds TSB