UK - KKR's Alliance Boots appoints former HBOS exec as chief executive

The move has proven controversial in the eyes of the public, as the man blamed for much of the lead up to the recession has been compensated with another high-paying and high-profile position. Hornby was chief executive of HBOS for two years until Lloyds TSB took over the beleaguered company last September. Since then, HBOS has reported losses of £10.8bn for 2008.

Alliance Boots was taken private nearly two years ago at the top of the market by KKR and executive chairman Stefano Pessina. Pessina, who will remain in his position at the company, has been cited as saying that Hornby's appointment will allow him to dedicate 'more time and energy to the development and growth of Alliance Boots'.

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